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CALGARY, May 29, 2014 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: DXE) today announced that it has been advised by the Tunisian Department of Energy that, pursuant to the newly adopted Tunisian Constitution, all issues relating to natural resources contracts must be approved by the National Constituent Assembly. This is applicable to the Company's Bouhajla Permit in Northeast Tunisia and specifically to the second one-year extension, applied for pursuant to the Hydrocarbons Code by DualEx and the state oil company, ETAP, in February 2014. The relevant government departments are developing procedures for implementing this new protocol, and DualEx will advise shareholders of the National Constituent Assembly approval and resulting Bouhajla Permit operations as soon as known.
The Company had completed preparations for the re-completion of the BHN-1 exploration well and was preparing to commence the rig move when notified by the authorities of the new requirement for National Constituent Assembly approval. As a result, the workover rig contracted for this operation will move to a storage site until such time as the now-required approvals are in place. Once initiated, the re-completion will entail pulling the existing production tubing from the wellbore and re-perforating the Abiod formation using a casing gun and deep penetrating charges, followed by selective acidization of the individual perforation intervals.
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: 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.