Global Arab Network | DualEx Energy signs production sharing contract in Tunisia

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DualEx Energy signs production sharing contract in Tunisia

Global Arab Network - - Hannan Taha

Tuesday, 15 September 2009 20:22

DualEx Energy International Inc. has announced the signing of the Bouhajla Production Sharing Contract (“PSC”) and associated documents in Tunis on Friday, September 11, 2009. The initial term of the PSC is three years from the date of ratification, which is expected prior to year-end, with two optional renewal periods of three years each.

The Company’s wholly-owned subsidiary, DualEx Tunisia Inc., has a 100% Contractor Interest in the Block with a work commitment consisting of a minimum of 100 kilometres of 2D seismic and one exploration well to test the Cretaceous Abiod formation during the initial term.

The Bouhajla Block encompasses 416 square kilometres (105,000 acres), and is located onshore in the Pelagian Basin of east central Tunisia. The Block lies immediately west of the Sidi el Kilani field, which has produced to date approximately 48 million barrels of light oil from the Abiod formation.

DualEx CEO, Garry Hides, commented, “the Company is very excited to have been awarded the Bouhajla Block, which we feel holds considerable exploration potential, and we look forward to a long and rewarding presence in Tunisia.”

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".

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