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CALGARY,
March 21, 2014 /CNW/ - DualEx Energy
International Inc. ("DualEx" or the "Company") (TSX-V: DXE) today
provided the following operational update regarding the Company's
BHN-1 exploration well on the Bouhajla Permit in northeastern
Tunisia, and its producing
operations in Hungary.
The Company has finalized a re-completion
program for the BHN-1 well on the Bouhajla permit in northeast
Tunisia. The operation will
involve using a workover rig to pull the existing production tubing
from the wellbore and re-perforate the Abiod formation using a
casing gun and deep penetrating charges. To that end, materials and
equipment have been sourced, and the Company is in the process of
contracting the services of the workover rig. Additional details
regarding the re-completion will be provided prior to the
commencement of operations, currently expected to take place in
late April 2014.
The Company also announces that ETAP, the
Tunisian state oil company, has agreed to a one year extension to
the first exploration period of the Bouhajla Permit, thereby
extending the first period until April 28,
2015.
In Hungary,
natural gas production from the Peneszlek field continues from the
Miocene volcaniclastic reservoir section at a rate of approximately
425,000 cubic feet per day (net 300,000 accruing to DualEx).
These figures are in line with Company expectations, with a
decrease in gas volume since last reported attributable to the
natural declines in the reservoir. The Company continues to benefit
from strong natural gas prices, which are currently $US12.50 per thousand cubic feet.
About DualEx Energy International
Inc.
DualEx Energy International Inc. is an oil and
gas exploration and production company with operations in
Tunisia and Hungary. 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", "schedule", "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. 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.
SOURCE DualEx Energy International Inc.