DualEx Energy International Inc. announced that ETAP, the Tunisian state oil company, has agreed to an additional one year extension to the first exploration period of the onshore Bouhajla Exploration Permit (to August 2016), and has submitted the required application to the Ministry for approval. This extension remains subject to Ministry ratification, which the Company anticipates receiving in late July, and will allow the Company additional time to bring new partners into the project.
DualEx also has sold its 70% shareholder interest in PetroHungaria kft, the Hungarian operating company through which DualEx and its partners managed the Penészlek gas field in NE Hungary. Now that production has ceased, and the two remaining wells have been abandoned, there is no further need for the Company to maintain a corporate presence in Hungary. The Company received cash of 35,000 Euro (~CAN $50,000) and the purchaser assumed all of DualEx's share of the costs and liabilities associated with the abandonment and reclamation of the PEN 101 and 105 wells, and the natural gas production facility.