Dualex Increases Stake in PetroHungaria

Canadian-based company DualEx International has completed acquisition of an additional 29.56% interest in PetroHungaria, its partially-owned operating subsidiary in Hungary.

In a statement DualEx said that its subsidiary DualEx Nyirseg had purchased the interest from Ascent Resources for a cash consideration of €272,500.

The purchase increases DualEx’s interest in PetroHungaria to 70%.

PetroHungaria operates the 43.38 sq km Penészlek II Mining Plot in northeast Hungary, which includes two producing natural gas wells. DualEx’s net share of Penészlek production is currently averaging 850 mcfe per day.

DualEx also announced a one-year extension of its exploration permit in Tunisia, where it is working with the state energy company, Entreprise Tunisienne d'Activités Pétrolières (ETAP).