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CALGARY, Feb. 9 /CNW/ - DualEx Energy International Inc. ("DualEx") (TSX-V: "DXE"), announces that its subsidiary, PetroHungaria kft, has commenced the drilling of the PEN-101 well in the Penészlek area of the Nyirség exploration permits in northeastern Hungary.
PEN-101 is targeting a Miocene volcaniclastic zone within a structure defined on 3-D seismic conducted by DualEx and its partners in 2008. This well is planned to be drilled to a total depth of approximately 1500 metres, and is expected to take about a month to drill and test. The PEN-101 well location is the site of the production facilities that will be used to produce the PEN-105 gas well, drilled in August of 2009, and the pipeline that connects PEN-105 both to the facility and to the export pipeline is now complete and awaiting pressure testing. Due to the close proximity of the production facilities to the PEN-101 drilling rig, for safety reasons PEN-105 production will not commence until drilling operations are finished in March. PEN-101, if successfully completed, can be immediately connected via the same facility to the export pipeline.
After the rig has completed the PEN-101 well, it will proceed to either the PEN-106 well, another Miocene prospect, or move to the PEN-104 location to continue the testing of the PEN-104AA sidetrack that was suspended in December 2009. For the PEN-104AA testing operations, the decision to use the drilling rig, rather than a dedicated workover unit is primarily due to operational restrictions on the part of the drilling contractor.
DualEx's original working interest in the Penészlek project was 37.5%, however Geomega kft, one of DualEx's partners in the project, has requested that the PetroHungaria joint venture convert Geomega's working interest in the 101 and 106 wells to a lesser carried interest; this has been agreed among the partnership and the details, along with a revised equity structure for the joint venture, will be announced in the coming weeks.
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", "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