Canadian News
DualEx Energy Reveals Sale Of Portugal Interests For Net Cash Proceeds Of $US 350K - Quick Facts
11/27/2009 1:26 PM ET
(RTTNews) -
DualEx Energy International Inc. (DXE.V: News ) announced that it has sold its entire 10% working interest in the Torres Vedras - 3 and Aljubarrota - 3 Concessions in Portugal, for net cash proceeds of $US 350 thousand, effective November 25, 2009.
On the operations front, on Block XVII in Syria the Al Tayr 101 well, which spudded on October 7, 2009, is currently drilling ahead in 12 1/4" hole, is expected to encounter the primary Kurrachine Dolomite target in late December and reach TD at ~3,000 metres in early January 2010, the company said.
At Peneszlek in NE Hungary, the testing of the PEN-104AA well is now scheduled to commence in early December as the operation had been delayed due to equipment and materials availability.
DualEx President and CEO, Garry Hides, commented "our recent financing and the sale of the Portugal assets allows us to focus on our core projects in Hungary, Syria and Tunisia. With no debt and a strong balance sheet we are well positioned to execute our corporate plan."
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by RTT Staff Writer
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