DualEx Energy International Inc. has entered into an amending agreement with respect to the farmout of its Bouhajla Exploration Permit, onshore Tunisia to Watutatu Inc., a wholly-owned subsidiary of Africa Hydrocarbons Inc. Under the original farmout agreement the Farmee is committed to fund the first US $7,250,000 towards the initial exploration program on the Permit, consisting of a 55 km2 3D seismic survey and an exploration well on the Bouhajla North Prospect, in exchange for 47.5% of the contractor share in the Bouhajla Production Sharing Contract (PSC).

The first installment of the Earning Funds, being $US 2,000,000 was paid into escrow in 2011 with the second installment of $US 5,250,000 to be paid into escrow within sixty days of completion of the Bouhajla North 3D seismic survey. The amending agreement extends the date for payment of the second installment to May 29, 2012 to provide additional time for Africa Hydrocarbons to complete its announced equity financing.

Tags: DualEx Energy International