DualEx Energy International Inc. announces that, effective November 25, 2009, it has sold its entire 10% working interest in the Torres Vedras - 3 and Aljubarrota - 3 Concessions in Portugal, for net cash proceeds of $US350,000.
On the operations front, on Block XVII in Syria (DualEx 31.67%), 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.
At Peneszlek in NE Hungary, the testing of the PEN-104AA well (DualEx 37.5%) is now scheduled to commence in early December. 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.”