DualEx Energy provides operational update
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CALGARY, March 21, 2014 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: DXE) today provided the following operational update regarding the Company's BHN-1 exploration well on the Bouhajla Permit in northeastern Tunisia, and its producing operations in Hungary.
The Company has finalized a re-completion program for the BHN-1 well on the Bouhajla permit in northeast Tunisia. The operation will involve using a workover rig to pull the existing production tubing from the wellbore and re-perforate the Abiod formation using a casing gun and deep penetrating charges. To that end, materials and equipment have been sourced, and the Company is in the process of contracting the services of the workover rig. Additional details regarding the re-completion will be provided prior to the commencement of operations, currently expected to take place in late April 2014.
The Company also announces that ETAP, the Tunisian state oil company, has agreed to a one year extension to the first exploration period of the Bouhajla Permit, thereby extending the first period until April 28, 2015.
In Hungary, natural gas production from the Peneszlek field continues from the Miocene volcaniclastic reservoir section at a rate of approximately 425,000 cubic feet per day (net 300,000 accruing to DualEx). These figures are in line with Company expectations, with a decrease in gas volume since last reported attributable to the natural declines in the reservoir. The Company continues to benefit from strong natural gas prices, which are currently $US12.50 per thousand cubic feet.
About DualEx Energy International Inc.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia and Hungary. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".
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.
SOURCE DualEx Energy International Inc.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, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833