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CALGARY, Dec. 4 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: "DXE"), announces that, through its Hungarian subsidiary PetroHungaria Kft, production testing of the PEN-105 well on the Company's Nyirseg South permit in northeastern Hungary, drilled and completed in September 2009, has yielded an initial flowrate of over 78,000 m(3) of gas per day (2.75 MMscfd) from a nine metre interval at the top of the Miocene volcaniclastic section. This well is now shut-in awaiting the construction of the pipeline connection to the main export pipeline, expected in February, 2010.
PetroHungaria has also completed the initial testing operations on the Pen-104AA well. The Company and its partners commenced operations on November 30, 2009 to test a Miocene volcaniclastic reservoir section identified by open-hole well logs and mud log shows to be potentially gas bearing. The well, which was drilled as a high angle deviated well, was completed with external casing packers and a slotted liner in an effort to minimize formation damage and provide maximum access to the reservoir. On flow, the well produced a small quantity of natural gas along with approximately 20 m(3) of water. Analysis of the produced water indicates that it is filtrate lost into the formation during drilling (over 200 m(3) of drilling fluids were lost to the formation while drilling the reservoir section and while completing the well). Pending further evaluation of the preliminary test results, it is anticipated that the Company and its partners will continue testing operations when equipment can be mobilized in January.
Also at Penészlek, the drilling permits for the PEN-101 and PEN-106 wells have been issued and site construction will commence shortly. The drilling rig is expected to be mobilized to the locations in late January 2010.
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 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.
"m(3)": cubic metres.
"MMscfd": million standard cubic feet per day.
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that term is defined in the policies of the TSX Venture Exchange) accepts
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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