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CALGARY, May 29 /CNW/ - DualEx Energy International Inc. (the "Company") (DXE, TSX-V), today filed with Canadian securities authorities its First Quarter Financial Statements and Management's Discussion and Analysis for the period ending March 31, 2008. 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.
In addition, the Company is pleased to provide the following operational update:
Hungary
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First production from the Peneszlek field is targeted for late second quarter / early third quarter of 2008. The PEN-104 well has been completed; the short tie-in line has been installed; and the location is waiting for delivery of the gas processing facility. 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 3D 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. DualEx has a 37.5% working interest in the 614,000 acre Nyirseg North and South Permits.
Syria
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In Syria, interpretation of DualEx's 2007 1,105 kilometre 2D seismic survey on Block 17 in the Palmyra region (in addition to a significant portion of the 2,338 line kilometers of legacy data) has resulted in the generation of several prospects. The Company and its partners have approved the Jebel Nasrani Prospect as the first exploration target to be drilled, and the Operator has initiated the tendering process for a suitable drilling rig, targeting the fourth quarter of 2008 for drilling. The Jebel Nasrani test well ("Al Tayr 101") will evaluate three sizable targets in the Kurrachine, Markada and Amanous formations. DualEx has a 31.67% working interest in the 1.25 million acre Block 17.
Tunisia
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The Company continues working with Government officials in Tunisia on the Production Sharing Contract ("PSC") for the 103,000 acre Bouhajla Block. In addition, DualEx has retained an oil and gas professional in Tunis as its representative and will be opening a local office once the PSC has been signed. The issuance of the PSC is subject to finalization of the detailed terms and final Government approval. This Block will provide DualEx with its first operated project in an established hydrocarbon basin with significant potential.
Portugal
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DualEx has now been advised by the Operator of this project that drilling has been delayed until the third quarter. The Company will provide further guidance to shareholders on the timing of commencement of drilling once this has been established by the Operator. Meanwhile, field operations on the first of two 3D seismic surveys are continuing. DualEx has a 10% working interest in the Aljubarrota and Torres Vedras Concessions (totaling approximately 630,000 acres).
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 believe 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, 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.
This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx Energy International Inc., please visit the website or contact Garry Hides (President & CEO) at 265-8011 ext. 223.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00023802E