DualEx provides update on Tunisia and Hungary projects
Jul 09, 2015, 16:00 ET
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CALGARY, July 9, 2015 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (DXE, TSX-V) today announced that ETAP, the Tunisian state oil company, has agreed to an additional one year extension to the first exploration period of the onshore Bouhajla Exploration Permit (to August 2016), and has submitted the required application to the Ministry for approval. This extension remains subject to Ministry ratification, which the Company anticipates receiving in late July, and will allow the Company additional time to bring new partners into the project.
DualEx also announced today that it has sold its 70% shareholder interest in PetroHungaria kft, the Hungarian operating company through which DualEx and its partners managed the Penészlek gas field in NE Hungary. Now that production has ceased, and the two remaining wells have been abandoned, there is no further need for the Company to maintain a corporate presence in Hungary. The Company received cash of 35,000 Euro (~CAN $50,000) and the purchaser assumed all of DualEx's share of the costs and liabilities associated with the abandonment and reclamation of the PEN 101 and 105 wells, and the natural gas production facility.
About DualEx Energy International Inc.
DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia. 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", "work towards" 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, joint venture partner participation and DualEx's 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: This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx, please visit the website or contact Garry Hides (President & CEO) at 403-265-8011 ext. 223.
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