DualEx Energy International says that drilling operations have commenced at the Company’s PEN-105 location in the Peneszlek area of northeast Hungary. The well spudded on August 16, 2009 and will be drilled to a depth of approximately 1500 metres to test a structure which previously tested gas from the base Miocene volcaniclastics in the PEN-12 well (drilled in 1982).

Interpretation of proprietary 3D seismic undertaken by DualEx and its partners indicates the PEN-12 well is off the structure and the top of the reservoir section is at the pool gas/water contact. PEN-105 will be drilled at a location approximately 20 metres structurally higher than PEN-12, on the crest of the four way closure. Drilling is expected to take two weeks followed by a two week test period.

DualEx holds a 37.5% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are Ascent Resources (45.23%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Tags: DualEx Energy International