Business
DualEx commences PEN-104AA sidetrack
DualEx commences PEN-104AA sidetrack
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\nSep. 28, 2009 (Canada NewsWire Group) -- CALGARY, Sept. 28 /CNW/ -- DualEx Energy International Inc. (TSX-V: \"DXE\") announces the commencement of a further sidetrack of the PEN-104 well ('PEN-104AA') to test a substantial Miocene volcaniclastic prospect in the Penészlek field in the Nyirség permits of north eastern Hungary. The target for the sidetrack, identified on 3D seismic acquired last year, will be drilled from the existing PEN-104A wellbore on essentially the same trajectory as PEN-104A to a total depth of approximately 1,360 metres true vertical depth.The rig undertaking the operation is being re-deployed from the recently drilled and completed, successful PEN-105 well. The Company and its partners deemed this to be an opportune time to carry out the operation, due to the immediate availability of the drilling rig and associated services, along with the increasing water production from the PEN-104A well.PEN-104A is a sidetrack of the original Penészlek producer, PEN-104, and was drilled to recover gas from an undrained fault compartment in the Pannonian Sands identified on 3D seismic. The combined production from PEN-104 and PEN-104A is approximately 1.0 Bcf (375 MMcf net), which has generated gross revenue net to DualEx of approximately $4.65 million.DualEx CEO, Garry Hides, commented: \"The opportunity to deepen the well now with available equipment, to a target with significantly higher reserve potential, is attractive. If successful, the well should be back on production within a month.\"DualEx holds a 37.5% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).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\".Forward-Looking StatementsThis 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 ide...