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DualEx Increases Interest in Penészlek Field, Hungary and Provides Operational Update for Tunisia Drilling
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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, April 25, 2013 /CNW/ - DualEx Energy International Inc.\n (\"DualEx\" or the \"Company\") (TSX-V: DXE), today announced that it has\n entered into an agreement to acquire an additional 29.56% interest in\n PetroHungaria kft, the Company's partially owned operating subsidiary\n in Hungary.\n\n\nDualEx is purchasing the interest from Ascent Resources plc for cash\n consideration of €272,500. The purchase will increase DualEx's interest\n in PetroHungaria to 70% and is expected to close around the end of\n April, 2013.\n\n\n\"While much of our attention is currently focused on our upcoming\n Tunisia drill, the PetroHungaria transaction represents an opportunity\n driven deal that allows us to increase our interest in a producing\n property on attractive terms,\" said DualEx President & CEO Garry Hides.\n \"Upon closing, we expect our increased interest in PetroHungaria to\n generate immediate cash returns from a region with very robust natural\n gas prices.\"\n\n\nPetroHungaria operates the Penészlek II Mining Plot in northeast\n Hungary, which currently includes two producing natural gas wells,\n Pen-105A and Pen-101. Field compression has now been installed at\n Penészlek, which is expected to extend the producing life of the field.\n\n\nIn Tunisia, DualEx reports that the CTF-6 drilling rig is expected to be\n released from its current location within the next week, at which time\n it will begin moving to the Company's BHN-1 exploration well on the\n Bouhajla permit. Rig move and set-up is anticipated to be completed\n around the middle of May, with drilling to start immediately\n thereafter. As previously announced, in February the Company and the\n Tunisian state oil company, Entreprise Tunisienne d'Activités\n Pétrolières (\"ETAP\"), applied for a one-year extension of the first\n exploration period of the Permit due to the possibility that the BHN-1\n well would not be completed by the original expiry date of April 29,\n 2013.  The Hydrocarbon Committee, which issues the formal approvals for\n such matters, has not met since the application was submitted.  The\n Company is continuing its planned operations despite delays in\n receiving the formal extensi...