CALGARY, Oct. 8 /CNW/ -- DualEx Energy International Inc. (TSX-V: "DXE") is pleased to announce that drilling operations commenced October 7, 2009 at the Al Tayr-101 site on the Company's Jebel Nasrani Prospect on Block XVII in the Palmyride Fold Belt of southwest Syria. Al Tayr-101 will be drilled to a depth of approximately 3000 metres and will test a large structure at the Triassic Kurrachine level. Similar structures are known to host substantial gas/condensate reserves in several fields immediately north of Block XVII. The Al Tayr-101 well, expected to take approximately 80 days to drill, is prognosed to fully penetrate the Kurrachine carbonates and is being drilled on the first of eight closed Kurrachine level structures identified in the Company's 2007 seismic program in which 1,105 line kilometres of high quality data was acquired.
DualEx holds a 31.67% working interest in the 1.24 million acre Block XVII. Other partners are Stratic Energy (Operator, 35%) and Kuwait Foreign Petroleum Exploration Company KSC (KUFPEC, 33.33%).
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