/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Jan. 21 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V),
announces that it is planning to sidetrack the PEN-104 gas production well in
the Peneszlek area of the Nyirseg exploration permits of eastern Hungary. The
well has been shut-in due to the failure of a compressor at the third party
owned downstream gas processing facility, which has caused unusually high
export pipeline pressures. Repairs to the compressor which will reduce the
pipeline pressure to its normal operating range are not expected to be
completed until March 2009.
PetroHungaria kft (37.5 % DualEx), which operates the well, expects that
a 450m sidetrack of the well will increase the potential recoverable gas and
reduce the amount of water produced by the well. Subject to permitting and rig
availability, the side-tracked PEN-104 well could be ready to produce gas by
the time repairs to the compressor have been completed and the pipeline
pressure is returned to normal.
The PEN-104 sidetrack opportunity has been identified from the analysis
and interpretation of the 3-D seismic survey that was acquired in November
2008. In addition to this sidetrack, the partners have also approved the
sidetrack of the PEN-102 well drilled and suspended by PetroHungaria in 2007
(which is anticipated to occur immediately following the PEN-104 sidetrack).
Also, the partners are considering three other development projects, all of
which were identified with the new 3-D seismic survey. These include the
re-drill of PEN-9 and PEN-12, and a new well to produce from a structure south
of PEN-12. The new seismic shows that neither the existing PEN-9 or PEN-12
wells are situated in an ideal location for producing their associated
reserves, although a sidetrack of PEN-12 is being considered as an option.
While the PEN-104 and PEN-102 sidetracks can proceed quickly because of land
access agreements already in place, the additional wells will require a full
permitting procedure and are unlikely to be drilled until 3rd Quarter 2009.
Potentially, one to three wells to redevelop the prematurely abandoned
Peneszlek Miocene field could also be drilled this year; however the deeper
sections within the 3-D survey are still being evaluated.
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 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", "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 and prospects. 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 believe 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, 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.
For further information:
For further information: This press release is reproduced on DualEx's
website at www.dualexen.com. For this and other information about DualEx
Energy International Inc., please visit the website or contact Garry Hides
(President & CEO) at (403) 265-8011 ext. 223