Business
DualEx Closes Hungary Acquisition and Provides Update on Upcoming Tunisia Drilling
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNIT...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, May 16, 2013 /CNW/ - DualEx Energy International Inc. (\"DualEx\"\n or the \"Company\") (TSX-V: DXE), today announced that it has closed the\n previously announced acquisition of an additional 29.56% interest in\n PetroHungaria kft, the Company's partially owned operating subsidiary\n in Hungary.\n\n\nDualEx Nyirseg Inc. (a wholly owned subsidiary of the Company) purchased\n the interest from Ascent Resources plc for cash consideration of\n €272,500 (approximately $360,000). The purchase increases DualEx's\n interest in PetroHungaria to 70%. PetroHungaria operates the 43.38 km2 Penészlek II Mining Plot in northeast Hungary, which includes two\n producing natural gas wells. DualEx's net share of Penészlek production\n is currently averaging 850 mcfe per day.\n\n\nIn Tunisia, DualEx reports that the Hydrocarbon Committee has formally\n approved a one-year extension to the initial term of the Bouhajla\n Permit, which will now expire on April 29, 2014.  As previously\n announced, the Company and the Tunisian state oil company, Entreprise\n Tunisienne d'Activités Pétrolières (\"ETAP\"), applied for a one-year\n extension of the first exploration period of the Permit in February\n 2013.\n\n\nRig move and rig-up of the CTF-6 drilling rig is ongoing at the BHN-1\n well site on the Bouhajla Permit. Drilling is anticipated to start\n immediately after rig-up is completed, and will be announced by the\n Company. The BHN-1 well will be drilled on the Bouhajla North prospect\n to a planned total depth of 2,545 metres in order to evaluate a\n Cretaceous Abiod target, which is  analogous to the Sidi el Kilani\n field twenty-five kilometers to the east. The well is expected to take\n four to six weeks to reach total depth.\n\n\nAbout DualEx Energy International Inc.\n\n\nDualEx Energy International Inc. is an oil and gas exploration and\n production company with operations in Tunisia and Hungary. DualEx's\n common shares trade on the TSX Venture Exchange under the symbol \"DXE\".\n\n\nWhere amounts are expressed on a thousand cubic feet equivalent (mcfe)\n basis, one barrel of oil has been converted at a ratio one barrel of\n oil to six thousand cubic feet.  Mcfe's may be ...