/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 18 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") is pleased to announce that drilling has commenced at the Gorbehaza No. 1 ("Gh-1") well in the "Panhandle" region of the Company's Nyirseg North permit in northeast Hungary. DualEx is participating as to its 12.5% working interest after having farmed out to Hungarian Horizon Energy Ltd. ("HHE") and JKX Oil and Gas Plc. ("JKX"). HHE and JKX farmed in on the Panhandle area earning 66 2/3 of DualEx's 37.5% interest with the recording of a 120 square kilometre 3D seismic survey late last year.
Gorbehaza No. 1 will be drilled to a total depth of approximately 1300 metres, targeting Pannonian clastic and Miocene volcaniclastic reservoirs found to be gas-bearing at the HHE/JKX Hajdunanas discovery 2.2 kilometres to the north. The discovery well, Hajdunanas-1, and the follow up appraisal well, Hajdunanas-2, were drilled on a four-way dip closure identified on 3D seismic recorded by HHE/JKX in 2007. Production testing of the wells resulted in an aggregate flow rate of approximately thirty million cubic feet of natural gas per day (30 MMcf/d). Overlap of the Panhandle 3D survey with the Hajdunanas 3D survey provides an excellent tie with the Hajdunanas feature serving as a template for the Gorbehaza prospect, also a four-way dip closure.
Drilling is expected to take roughly 10 days with testing to follow. Partnership interests in the Gorbehaza No. 1 well are DualEx (12.5%), HHE (Operator, 33.333%), JKX (33.333%), Ascent Resources (20.167%) and Swede Resources (0.667%).
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 Statements
This 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 identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning DualEx's future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although DualEx believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because DualEx can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause DualEx's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by DualEx with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. DualEx undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00023802E