Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 DualEx Energy International Inc., Valuation and Financial Data 8 DualEx Energy International Inc., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 DualEx Energy International Inc., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 DualEx Energy International Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 DualEx Energy International Inc., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 DualEx Energy International Inc., Quarterly Production Trends 13 DualEx Energy International Inc., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 DualEx Energy International Inc., Natural Gas Production 14 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 DualEx Energy International Inc., Valuation and Financial Data, 2011-2015 15 DualEx Energy International Inc., Share Price Performance, 2011-2015 15 Share Price Performance, 2011-2015 15 Key Valuation Metrics, 2011-2015 16 DualEx Energy International Inc., Production and Reserves Trends 17 Total Oil and Gas, Reserves and Production 17 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 17 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 18 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 20 Natural Gas Production and Reserve 21 Natural Gas Production and Reserve Trend, 2011-2015 21 Natural Gas Production and Reserves, By Country/Region, 2011-2015 22 Natural Gas Reserve Changes, 2011-2015 24 Total Crude Oil and Natural Gas Reserves Life Index 25 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 25 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 26 DualEx Energy International Inc., E&P Costs Trends 28 Allocation of the Upstream Capital Expenditure 28 Upstream Capital Expenditure, 2011-2015 28 Exploration and Development Costs, By Country/Region, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe 31 Oil and Gas Cost Per boe, US$/boe, 2011-2015 31 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 32 DualEx Energy International Inc., Reserve Replacement Ratio 34 Oil and Gas Production Replacement Ratio 34 Oil and Gas Production Replacement Ratio, 2011-2015 34 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 36 DualEx Energy International Inc., Results of Oil & Gas Operations Trend 40 Oil and Gas Revenue and Expenses 40 Oil and Gas Revenue and Expenses, 2011-2015 40 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 41 Oil and Gas Revenue and Expenses, Per boe 46 Oil and Gas Revenue and Expenses, By boe, 2011-2015 46 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 47 Oil and Gas Performance Metrics 51 DualEx Energy International Inc., Land Holdings and Well Data 52 Developed and Undeveloped Acreage 52 Gross and Net Developed and Undeveloped Acreage, 2011-2015 52 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 53 Well Statistics 55 Producible Oil and Gas Well, 2011-2015 55 Producible Oil and Gas Well, By Country/Region, 2011-2015 56 Recent Developments 59 DualEx Energy International Inc. - Recent Developments 59 Jun 13, 2016: DualEx Surrenders Bouhajla Permit 59 Apr 28, 2016: DualEx 2015 Annual Report 59 Nov 25, 2015: DualEx 2015 Third Quarter Report 64 Aug 28, 2015: DualEx 2015 Second Quarter Report 67 Aug 13, 2015: Dualex Receives Approval For Bouhajla Permit Extension In Tunisia 71 Jul 09, 2015: DualEx Provides Update On Tunisia Project 71 May 28, 2015: DualEx 2015 First Quarter Report 71 Apr 29, 2015: DualEx 2014 Annual Report 75 Apr 13, 2015: Dualex Provides Update On Hungary Operations 81 Feb 04, 2015: DualEx Receives Extension To Bouhajla Permit 81 Appendix 82 Methodology 82 Coverage 82 Secondary Research 82 Primary Research 82 Data Information Sources 83 Company Source 83 SEC/Other Regulatory Filings 83 Other Sources 83 Expert Panel Validation 83 Data Definition 83 Oil and Gas Reserves 83 Units of Measure 84 About GlobalData 84 Disclosure 84 Disclaimer 84

List of Tables Table 1: DualEx Energy International Inc., Key Facts 7 Table 2: DualEx Energy International Inc., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: DualEx Energy International Inc., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: DualEx Energy International Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: DualEx Energy International Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: DualEx Energy International Inc., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: DualEx Energy International Inc., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: DualEx Energy International Inc., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 14 Table 9: DualEx Energy International Inc., Share Price Performance, 2011-2015 15 Table 10: DualEx Energy International Inc., Key Valuation Metrics, 2011-2015 16 Table 11: DualEx Energy International Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 17 Table 12: DualEx Energy International Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 19 Table 13: DualEx Energy International Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 20 Table 14: DualEx Energy International Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 21 Table 15: DualEx Energy International Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 23 Table 16: DualEx Energy International Inc., Natural Gas Reserve Changes, bcf, 2011-2015 24 Table 17: DualEx Energy International Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 25 Table 18: DualEx Energy International Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 27 Table 19: DualEx Energy International Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 28 Table 20: DualEx Energy International Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 30 Table 21: DualEx Energy International Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Table 22: DualEx Energy International Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 33 Table 23: DualEx Energy International Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 35 Table 24: DualEx Energy International Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 39 Table 25: DualEx Energy International Inc., Revenue and Expenses, US$ mil, 2011-2015 40 Table 26: DualEx Energy International Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 45 Table 27: DualEx Energy International Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 46 Table 28: DualEx Energy International Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 50 Table 29: DualEx Energy International Inc., Oil and Gas Performance Metrics, 2011-2015 51 Table 30: DualEx Energy International Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 52 Table 31: DualEx Energy International Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 54 Table 32: DualEx Energy International Inc., Producible Oil and Gas Wells, 2011-2015 55 Table 33: DualEx Energy International Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 58 List of Figures Figure 1: DualEx Energy International Inc., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: DualEx Energy International Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: DualEx Energy International Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: DualEx Energy International Inc., Share Price Performance, CAD/Share, 2011-2015 15 Figure 5: DualEx Energy International Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 16 Figure 6: DualEx Energy International Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 17 Figure 7: DualEx Energy International Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 18 Figure 8: DualEx Energy International Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 18 Figure 9: DualEx Energy International Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 21 Figure 10: DualEx Energy International Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 22 Figure 11: DualEx Energy International Inc., Gas Production, By Country/Region, bcf, 2011-2015 22 Figure 12: DualEx Energy International Inc., Natural Gas Reserve Changes, bcf, 2015 24 Figure 13: DualEx Energy International Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 25 Figure 14: DualEx Energy International Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 26 Figure 15: DualEx Energy International Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 26 Figure 16: DualEx Energy International Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 27 Figure 17: DualEx Energy International Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 28 Figure 18: DualEx Energy International Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 19: DualEx Energy International Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 20: DualEx Energy International Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Figure 21: DualEx Energy International Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 22: DualEx Energy International Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 23: DualEx Energy International Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 34 Figure 24: DualEx Energy International Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36 Figure 25: DualEx Energy International Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36 Figure 26: DualEx Energy International Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 27: DualEx Energy International Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 28: DualEx Energy International Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 38 Figure 29: DualEx Energy International Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 38 Figure 30: DualEx Energy International Inc., Revenue and Expenses, US$ mil, 2011-2015 40 Figure 31: DualEx Energy International Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 32: DualEx Energy International Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 33: DualEx Energy International Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 34: DualEx Energy International Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 42 Figure 35: DualEx Energy International Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 36: DualEx Energy International Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 43 Figure 37: DualEx Energy International Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 44 Figure 38: DualEx Energy International Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 46 Figure 39: DualEx Energy International Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 40: DualEx Energy International Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 41: DualEx Energy International Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 42: DualEx Energy International Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 43: DualEx Energy International Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 44: DualEx Energy International Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 45: DualEx Energy International Inc., Oil and Gas Performance Metrics, 2011-2015 51 Figure 46: DualEx Energy International Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 52 Figure 47: DualEx Energy International Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 53 Figure 48: DualEx Energy International Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 53 Figure 49: DualEx Energy International Inc., Producible Oil and Gas Wells, 2011-2015 55 Figure 50: DualEx Energy International Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 56 Figure 51: DualEx Energy International Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 56 Figure 52: DualEx Energy International Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 57 Figure 53: DualEx Energy International Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 57 Figure 54: DualEx Energy International Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 58