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CALGARY, June 22 /CNW/ - DualEx Energy International Inc. ("DualEx" or "the Company") (TSX-V: "DXE"), is pleased to announce that Martin & Brusset Associates ("M&B"), an independent qualified reserves evaluator and auditor, has completed an initial evaluation of undiscovered resource potential of the "Bouhajla North" prospect, the first prospect identified on the Company's Bouhajla Exploration Permit onshore central Tunisia (the "Bouhajla Permit"). The evaluation is entitled "Evaluation of Undiscovered Resource Potential of North Bouhajla Anomaly East Central Tunisia Effective May 31, 2010" (the "Report") and was completed in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
M&B has estimated an unrisked "Best Estimate" of 82,829,000 barrels of Petroleum Initially in Place as of May 31, 2010. A summary of the estimated Petroleum Initially in Place is provided in the Report and set out in the following table.
Summary of Estimates of Petroleum Initially in Place(1)(2)(6)(7)
North Bouhajla Anomaly
As of May 31, 2010
Category Best(4) High(5) Low(3)
Mstb Mstb Mstb
82,829 129,090 49,441
(1) Petroleum Initially in Place is defined by COGEH, as that quantity of
petroleum that is estimated to exist originally in naturally
occurring accumulations. It includes that quantity of petroleum that
is estimated, as of a given date, to be contained in known
accumulations, prior to production, plus those estimated quantities
in accumulations yet to be discovered (equivalent to "total
(2) These are the gross volumes estimated for the Bouhajla North
prospect, located on the Bouhajla Permit, without any adjustments for
working interest or encumbrances.
(3) Low Estimate is considered to be a conservative estimate of the
quantity of Petroleum Initially in Place. There is a 90-percent
chance that an estimated quantity will be equaled or exceeded.
(4) Best Estimate is considered to be the best estimate of the quantity
of Petroleum Initially in Place. There is a 50-percent chance or that
it is equally likely that the actual Petroleum Initially in Place
will be greater or less than the best estimate.
(5) High Estimate is considered to be an optimistic estimate of Petroleum
Initially in Place. There is a 10-percent chance that an estimated
quantity of Petroleum Initially in Place will be equaled or exceeded.
(6) Undiscovered Petroleum Initially in Place were estimated for the
Bouhajla North Prospect only, including the Cretaceous Abiod and
Eocene El Gueria formations, which estimates were combined in the
(7) The resource estimate was prepared in accordance NI 51-101 and the
Garry Hides, DualEx's President and CEO, commented, "The M&B independent assessment supports management's views that the Bouhajla Permit holds significant potential. Along with the Bouhajla North prospect, we have identified several additional leads and opportunities on the Bouhajla Permit, in multiple formations. The next step in the exploration effort will involve shooting a 3D seismic survey at Bouhajla North, in order to select a drilling location. Subject to Ministry and ETAP approval, we anticipate the seismic getting underway in the fourth quarter of this year."
The Bouhajla Production Sharing Contract ("PSC") and associated documents were executed in Tunis on September 11, 2009, and were ratified and made effective on April 30, 2010. The initial term of the PSC is three years, with two optional renewal periods of three years each. The Company's wholly-owned subsidiary, DualEx Tunisia Inc., has a 100% Contractor Interest in the Bouhajla Permit with a work commitment consisting of a minimum of 100 kilometres of 2D seismic and one exploration well during the initial term. The Bouhajla Permit encompasses 416 square kilometres (105,000 acres), and is located onshore in the Pelagian Basin of east central Tunisia. The Bouhajla Permit lies immediately west of the Sidi el Kilani field, which has produced to date approximately 48 million barrels of light oil from the Abiod formation, which is the primary exploration target of DualEx's program. At Sidi el Kilani the Abiod reservoir consists of a fractured chalk, locally dolomitized in association with wrench tectonics. Reservoirs of this type tend to have high recovery factors accompanied by very high individual well productivity rates. The Sidi El Kilani field occupies a pop-up structural inversion and a similar structure has been identified on seismic previously recorded over the Bouhajla North prospect area.
No proved, probable or possible reserves have been assigned to the Bouhajla North prospect at this time. Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered and that, if discovered, may not be economically viable or technically feasible to produce.
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 the undiscovered resources of DualEx's Bouhajla North prospect. The forward-looking statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerning equipment, crew and capital availability. 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.
"ETAP": Enterprise Tunisienne D'Activites Petrolieres (the state oil company of Tunisia).
"Mstb": Thousand stock tank barrels.
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