DualEx Announces Hungarian Well Completion Results & Tunisian Operational Update
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CALGARY, July 10, 2012 /CNW/ - DualEx Energy International Inc. ("DualEx" or "the Company") (TSX-V: "DXE") is pleased to announce that completion operations at its 40.44% owned PEN-105A well in the Penészlek field of northeastern Hungary have concluded and the well is back on regular production. In all, 24 metres of Miocene volcaniclastic reservoir has been perforated in seven intervals from a gross section of 59 metres. Perforations were conducted in stages with each stage being flow-tested prior to the next stage being perforated. DualEx and its partners had originally considered conducting a small acid stimulation of the initial perforated interval but have decided that due to the strong well response in the newly-perforated sections such a stimulation, at this point, is unnecessary. During the PEN-105A completion, production at the PEN-101A well was intermittently suspended to allow for stand-alone metering of the PEN-105A zones as they were perforated. Production is currently limited to approximately 2 MMscfd due to constraints at the third-party facility into which both the PEN-105A and PEN-101A wells produce. DualEx and its partners are currently in discussions with the facility operator to remedy the facility bottleneck that would allow for greater production from the Penészlek wells.
"The results at PEN-105A are very positive given the significantly thicker pay section encountered in this well. This should result in increased reserves and prolonged production from the Penészlek field, which, given the robust gas price environment in Eastern Europe, bodes well for near and medium term revenues," said DualEx President & CEO Garry Hides.
In Tunisia, DualEx continues to work toward a September-targeted commencement date for the drilling of the BHN-1 well to test an Abiod fractured chalk prospect at Bouhajla North. Drilling rig tenders have been received and ancillary services tenders have been delivered to the various suppliers. Long-lead items such as tubulars have been ordered and are expected to arrive in-country in August. In addition, work is underway to finalize planning of a 3D seismic survey to be recorded over the Ktittir structure on lands that were recently added to the Bouhajla permit.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Hungary and Tunisia. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
"MMscfd" - million standard cubic feet per day
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning DualEx's future operations. The forward-looking statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerning equipment and crew availability and joint venture partner financial capability. Although DualEx believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because DualEx can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause DualEx's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by DualEx with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. DualEx undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information:
Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223
Investor Relations, The Equicom Group
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833