Business
DualEx files second quarter 2013 results
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[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Aug. 27, 2013 /CNW/ - DualEx Energy International Inc. (\"DualEx\" or the \"Company\") (DXE,\n TSX-V) today filed with Canadian securities authorities its Second\n Quarter Financial Statements and Management's Discussion and Analysis\n for the period ending June 30, 2013.  Copies of the filed documents may\n be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at [email protected].\n\n\nTunisia\n\n\nIn Tunisia, the first exploration well on the Bouhajla North prospect,\n BHN-1, commenced drilling on June 8, 2013. After reaching a total depth\n (TD) of 2,745 metres, the well was cased to TD, and following the\n evaluation of cased-hole logs the decision was made to configure the\n wellbore for testing purposes as several interpreted fracture zones are\n observed within the 245 metre thick Abiod section. Elevated C1 - C4\n mudgas levels were recorded at several intervals with evidence of\n micro-fractures noted in the drill cuttings.\n\n\nThe drilling rig was released on July 26, 2013, and the Company plans to\n continue the completion operation with through-tubing perforating guns\n and a coiled tubing unit to perforate and acidize the selected test\n interval(s) as soon as possible.  Currently, the drilling rig remains\n on location at BHN-1, as efforts to remove the rig were hampered by\n local residents protesting the lack of jobs in the area. The drilling\n contractor is working with the local and state governments to rectify\n the situation, and as a result rig de-mobilization operations have now\n resumed.\n\n\nDue to several factors, including downtime and increased costs\n associated with wellbore deviation, sloughing shales and wireline\n logging, the Company estimates the drilling and completion costs for\n the BHN-1 well will be approximately $US 1.2 million over budget ($US\n 0.63 million net to DualEx).\n\n\nHungary\n\n\nDuring the second quarter, DualEx's production averaged 704 mcfe/day,\n primarily from the Penészlek gas property in northeast Hungary, which,\n based on continued strong European natural gas prices, generated an\n operating netback of $7.31/mcfe. The increased production in Hungary\n reflects the Company's previously announced ...