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CALGARY, April 19 /CNW/ - DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE") announces that it and its partners have made the decision to plug and abandon the PEN-106 well after a drillstem test showed that the target Miocene tuffaceous formations are water bearing at this location. The drilling rig will now return to PEN-101 to drill a short sidetrack to circumvent the failed cement job in that gas discovery well. DualEx, through is subsidiary PetroHungaria kft, has a 42.8% interest in both the PEN-101 and 106 wells.
In Tunisia, DualEx is moving forward on its Bouhajla permit exploration program. In addition to establishing it's country office in Tunis, the Company has made good progress in populating its technical information database and has completed scanning and vectorization of the legacy 2D seismic within and immediately adjacent to the permit boundary. Interpretation of the seismic has begun and several structures have been identified. Mapping and ranking of these structures will take place over the next several weeks with the goal of selecting a feature or features on which to record additional seismic in advance of selecting a suitable drill target. DualEx has a 100% contractor interest in the Bouhajla Permit, which encompasses 416 square kilometres (105,000 acres), and is located onshore in the Pelagian Basin of east central Tunisia. The Block lies immediately west of the Sidi el Kilani field, which has produced to date approximately 48 million barrels of light oil.
DualEx Energy International Inc. is an oil and gas exploration and production 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", "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 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.
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