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CALGARY, April 7 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V) today filed with Canadian securities authorities its 2007 Annual Consolidated Financial Statements and Management's Discussion and Analysis. Copies of the filed documents may be obtained through www.sedar.com, DualEx's website www.dualexen.com or by emailing DualEx at info@dualexen.com.
During its first full fiscal year as an independent company DualEx progressed several projects to the point where 2008 is going to be very active on the operations front. The Company anticipates drilling several potentially high impact wells across its portfolio, along with seeing first gas production in Hungary. The acquisition of Winslow Resources Inc. provided additional capital resources, along with domestic drilling opportunities and production.
During 2007, DualEx successfully completed its earning obligations in Hungary's Nyirseg area, resulting in the Company having a 37.5% working interest in the Nyirseg North and South Permits. First production from the Peneszlek field is expected in the second quarter of 2008 with the completion and tying-in of the PEN-104 well. The export pipeline has been successfully tested and the gas processing facilities are scheduled for delivery in April. The PEN-104 well is anticipated to be brought on production shortly after facility installation. In addition, the already drilled PEN-9 and PEN-12 wells are planned to be re-entered once the required wellbore permits have been obtained from the Hungarian government.
The acquisition of approximately 100 square km of 3-D seismic in the Peneszlek area is contemplated for the 2nd half of 2008. Upon completion, it is anticipated that several follow-up drilling locations may be identified.
In Syria, interpretation of DualEx's 2007 1105 kilometre 2-D seismic survey on Block 17 in the Palmyra region (in addition to a significant portion of the 2338 line kilometers of legacy data) has resulted in the generation of several potentially high impact prospects. The Company and its partners are currently in the process of ranking these prospects, with the aim of committing to a drilling rig for the second half of 2008, ahead of the June, 2009 deadline under the terms of the Production Sharing Contract. The Palmyra region hosts several large gas fields which are currently being developed by other operators.
In Portugal, operations were delayed throughout 2007, due to the extremely tight services market in the European oil and gas sector. Operations are now scheduled to commence on the Torres Vedras-3 and Aljubarrota-3 Concessions, and are expected to carry on through 2008. The Lapaducos-2 operation involves deepening the original Lapaducos-2 well in order to evaluate the Upper Jurassic fractured Montejunto carbonate and Middle Jurassic Candieiros limestone targets. At the conclusion of operations at Lapaducos, the rig should be mobilized to the Aljubarrota-4 location, which is planned to be deepened by 400 metres into the lower portion of the fractured Brenha Carbonate zone and underlying Brenha carbonate grainstone zone. Two 3-D seismic surveys measuring 117 and 130 square kilometres are also underway, on the Torres Vedras and Aljubarrota Concessions respectively. Two additional exploration wells are planned for later in 2008.
In addition, the Company has announced its entry into Tunisia with its successful bid on the Bouhajla Block in the northeastern part of the country. DualEx's bid entails the issuance of a Production Sharing Contract ("PSC") that would involve a minimum of 100 kilometres of new 2D seismic within the first two years of the term, and the drilling of a minimum of one exploration well within the succeeding two years. DualEx will hold 100% of the contractor share and would be the operator. The issuance of the PSC is subject to finalization of the detailed terms and Government ratification. This Block will provide DualEx with its first operated project in an established hydrocarbon basin with significant potential.
Outlook for 2008
First gas in Hungary will be a definite milestone for DualEx, and will set the stage for increased development at Peneszlek. Exploration wells in both Portugal and Syria, along with several 3-D seismic surveys and the exploration project in Tunisia will help to position the Company for future growth. With current working capital of approximately $4.8 million and near term cash flow, DualEx is well positioned to carry out its program.
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 release may contain forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are made as of the date hereof and DualEx does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00023802E