DualEx Updates Drilling Plans in Tunisia

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CALGARY, Nov. 8, 2012 /CNW/ - DualEx Energy International Inc. ("DualEx" or "the Company") (TSX-V: "DXE") announced today that it has awarded a drilling contract to Compagnie Tunisienne de Forage for the land drilling rig CTF-06 to drill the BHN-1 exploration well on the Bouhajla North prospect within the Bouhajla Permit in central Tunisia. The rig is currently finishing operations on a well prior to moving to a new location for another operator, after which it will be mobilized to the BHN-1 location (anticipated to be in the first quarter of 2013).

The BHN-1 well will be drilled to a total depth of 2500 metres to test a Cretaceous Abiod target, which is analogous to the Sidi el Kilani oil field located 25 kilometers east of the Bouhajla North prospect.  Long-lead items are now in-country, and location construction is expected to commence in November. DualEx retains 52.5% contractor interest and operatorship of the BHN-1 well.

"Notwithstanding the delays in getting the BHN-1 well spudded, a result of increased drilling activity in Tunisia, we're pleased to have now solidified our position in the drilling queue for the first exploration well on our Tunisian acreage," said DualEx President & CEO Garry Hides.

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".

Forward-Looking Statements

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.

Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: [phone] ext. 223
www.dualexen.com 

Jeremy Dietz
Investor Relations, The Equicom Group
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: [phone]
[email protected]