DualEx Energy International Inc. announced that the Company and its partners, PetroHungaria and PetroPequina, commenced drilling, on May 23, 2007, the second of two option wells in the Nyírség area of North-east Hungary.
DualEx Energy International Inc. will pay 75% of the costs to drill VAM-1, an exploration well which will test prospects in both the Miocene and Pannonian sections in the Vámospércs area, roughly 18 kilometers to the southwest of the Penészlek field. Upon completion of the drilling of VAM-1, DualEx will have completed earning its 37.5% working interest in over 600,000 acres within the Nyírség North and South Exploration Permits, which include the petroleum and natural gas rights at two recompletion candidates in the Penészlek area, PEN-9 and PEN-12, which successfully tested gas from the Miocene, but were never tied-in.
Each of these wells currently stands suspended. Garry Hides, DualEx CEO, commented: „Recent industry drilling success south of VAM-1 has us very optimistic about this location. Notwithstanding the outcome however, this well will allow us to proceed with partners in further development of the already discovered gas in the Penészlek area - three wells, including our PEN-104 discovery, which cumulatively tested over 7.5 million cubic feet gas per day (MMcf/day) from both the basal Miocene voclaniclastic section and the overlying Pannonian section.”
DualEx Energy International Inc. is a full cycle 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”. (newswire.ca)