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DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 20 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE")
is pleased to announce the commencement of its exploration program in the
western onshore region of central Portugal, initially consisting of two 3D
seismic surveys, the deepening of two wells and the drilling of a third well.
The deepening of the two wells, Lapaducos-2 and Aljubarrota-4, is
scheduled to commence this fall with the operator having now executed a
contract with a UK based drilling company. The contracted rig is in the final
stages of construction and scheduled for arrival in Portugal in late
September, and is expected to re-initiate drilling operations on the
Lapaducos-2 well in October. This operation involves deepening the well to
1500 m in order to evaluate Upper Jurassic fractured Montejunto carbonate and
Middle Jurassic Candieiros limestone targets, updip from light, high quality
oil tested in the Benfeito-1 well. The rig will then be mobilized to the
Aljubarrota-4 location, which will be deepened by 400 m into the lower portion
of the fractured Brenha Carbonate zone and underlying Brenha carbonate
grainstone zone. The third well in the program, Carascal (a Triassic subsalt
test), will be drilled subsequent to the below referenced Aljubarrota 3D
A geophysical company has been contracted to undertake the two 3D seismic
programs. Surveying and permitting has commenced on the first program, located
within the Torres Vedras Concession, with field acquisition anticipated to
commence in late September. This 117 sq km 3D survey will be recorded to
follow up on a well drilled by DualEx's predecessor on a Jurassic reef
prospect utilizing older 2D seismic. That well missed the reef although
indications from the well data suggest proximity to a reef buildup. Several
additional reef prospects (mapped with the older 2D data) will also be imaged
by this survey. The second 3D survey (130 sq km) will be located within the
Aljubarrota Concession, and will be used to pick the Carascal well location,
anticipated to be drilled in Q1 2008.
Garry Hides, DualEx's CEO, commented: "We're very pleased to announce the
start-up of the project in Portugal, in particular the drilling program, which
will expose the Company to an unrisked resource potential of up to 2.5 tcf of
gas and 40 million barrels of oil, in addition to the follow up potential in
the Torres Vedras reef play."
DualEx has a 10% working interest in the Torres Vedras and Aljubarrota
Concessions, which have now been re-issued as "Torres Vedras-3" and
"Aljubarrota-3", and contain 321,000 acres and 311,000 acres respectively.
These new concessions have an eight year initial term, and essentially the
same work commitments as the previous concessions, however a revised state
take with respect to natural gas and condensate was incorporated, namely a
sliding scale carried interest, post payout of all capital investment and
operating costs, of between 2 and 7%, depending on cumulative field
production. In the previous concession agreements, there were no state burdens
on natural gas or condensate.
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 release may contain forward-looking statements. These statements are
based on management's current expectations and beliefs and are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Forward-looking statements are not guarantees of future performance. Any
forward-looking statements are made as of the date hereof and DualEx does not
undertake any obligation, except as required under applicable law, to publicly
update or revise such statements to reflect new information, subsequent or
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: about DualEx Energy International Inc., please
visit our website at www.dualexen.com, or contact Garry Hides (President &
CEO) at (403) 265-8011