Business
DualEx announces Bouhajla North Resource Potential
DualEx announces Bouhajla North Resource Potential
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\n Jun. 22, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n DualEx Energy International Inc. ("DualEx" or "the Company") (TSX-V: "DXE"), is pleased to announce that Martin & Brusset Associates ("M&B"), an independent qualified reserves evaluator and auditor, has completed an initial evaluation of undiscovered resource potential of the "Bouhajla North" prospect, the first prospect identified on the Company's Bouhajla Exploration Permit onshore central Tunisia (the "Bouhajla Permit"). The evaluation is entitled "Evaluation of Undiscovered Resource Potential of North Bouhajla Anomaly East Central Tunisia Effective May 31, 2010" (the "Report") and was completed in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.\nM&B has estimated an unrisked "Best Estimate" of 82,829,000 barrels of Petroleum Initially in Place as of May 31, 2010. A summary of the estimated Petroleum Initially in Place is provided in the Report and set out in the following table.\n\n\n >\n\n\nGarry Hides, DualEx's President and CEO, commented, "The M&B independent assessment supports management's views that the Bouhajla Permit holds significant potential. Along with the Bouhajla North prospect, we have identified several additional leads and opportunities on the Bouhajla Permit, in multiple formations. The next step in the exploration effort will involve shooting a 3D seismic survey at Bouhajla North, in order to select a drilling location. Subject to Ministry and ETAP approval, we anticipate the seismic getting underway in the fourth quarter of this year."\nThe Bouhajla Production Sharing Contract ("PSC") and associated documents were executed in Tunis on September 11, 2009, and were ratified and made effective on April 30, 2010. The initial term of the PSC is three years, with two optional renewal periods of three years each. The Company's wholly-owned subsidiary, DualEx Tunisia Inc., has a 100% Contractor Interest in the Bouhajla Permit with a work commitment consisting of a minimum of 100 kilometres of 2D seismic and one exploration well during the initial term. The Bouhajla Permit encompasses 416 square kilometres...