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CALGARY, Oct. 9, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: DXE) today announced the following operational update regarding the Company's BHN-1 exploratory well on the Bouhajla Permit in northeastern Tunisia.
As was previously announced, DualEx has penetrated 245 metres of the target Abiod chalky limestone reservoir section in the BHN-1 well. During drilling, elevated levels of C1-C4 (methane-butane) were noted in the mud log with indications of both open and healed fractures noted in the drill cuttings. Fluid losses during drilling of between 0.8 and 3 cubic metres per hour were encountered throughout the Abiod. Hole stability issues below the intermediate casing string were such that the Company found it necessary to case the wellbore, which was then followed-up with cased-hole neutron/sonic/gamma logs for initial evaluation purposes.
In September, the Company was able to source a pulse-neutron logging tool, previously unavailable in country, to determine pore saturations within the Abiod. The results of the pulse-neutron log are indicative of elevated hydrocarbon saturations throughout the Abiod section, with no indication of having intersected a water contact. Typically, Abiod reservoirs rely on naturally-occurring fractures for the production of hydrocarbons. The non-fractured Abiod section in BHN-1 has low permeability; however several zones of enhanced permeability due to apparent natural fractures and faulting have been interpreted from the logs and confirm expectations based on 3D seismic interpretation of the Bouhajla North structure. DualEx is focused on completing and testing these zones of enhanced permeability. Initially, the Company planes to perforate two zones near the bottom of the logged interval (six metres of perforations for each) for flow and testing analysis. After perforating, an acid wash of the perforations will be carried out followed by an acid squeeze into the formation. The BHN-1 completion protocol will be similar to that employed by the operator of the Sidi el Kilani oil field located twenty-five kilometres to the east of BHN-1.
The Company is currently engaged in the cleaning and treating of the drilling fluids/solids waste pit at BHN-1, which is expected to take approximately three weeks to complete. Once the cleanup has finished, perforating and testing equipment will be mobilized to the location, with completion operations commencing thereafter.
About DualEx Energy International Inc.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia and Hungary. 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. 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:
Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223
Investor Relations, TMX Equicom
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833