/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Sept. 28 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") announces the commencement of a further sidetrack of the PEN-104 well ('PEN-104AA') to test a substantial Miocene volcaniclastic prospect in the Penészlek field in the Nyirség permits of north eastern Hungary. The target for the sidetrack, identified on 3D seismic acquired last year, will be drilled from the existing PEN-104A wellbore on essentially the same trajectory as PEN-104A to a total depth of approximately 1,360 metres true vertical depth.
The rig undertaking the operation is being re-deployed from the recently drilled and completed, successful PEN-105 well. The Company and its partners deemed this to be an opportune time to carry out the operation, due to the immediate availability of the drilling rig and associated services, along with the increasing water production from the PEN-104A well.
PEN-104A is a sidetrack of the original Penészlek producer, PEN-104, and was drilled to recover gas from an undrained fault compartment in the Pannonian Sands identified on 3D seismic. The combined production from PEN-104 and PEN-104A is approximately 1.0 Bcf (375 MMcf net), which has generated gross revenue net to DualEx of approximately $4.65 million.
DualEx CEO, Garry Hides, commented: "The opportunity to deepen the well now with available equipment, to a target with significantly higher reserve potential, is attractive. If successful, the well should be back on production within a month."
DualEx holds a 37.5% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).
DualEx Energy International Inc. is an oil and gas exploration company with operations in the greater Mediterranean area. 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", "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 and prospects. 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.
"Bcf": billion cubic feet.
"MMcf": million cubic feet.
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: For further information: This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx Energy International Inc., please visit the website or contact Garry Hides (President & CEO) at (403) 265-8011 ext. 223