Candax Commences Ezzaouia Drilling Onshore Tunisia
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Toronto, Ontario, Canada - Candax Energy Inc. ("Candax") [TSX: CAX] is pleased to announce that the drilling of the onshore Ezzaouia 17 well commenced today. The well targets an un-drilled fault block in the east section of the field. Following the completion of the Ezzaouia 17 well, the rig will move to the second infill location, Ezzaouia 18, and following that well, it will move to Chaal.
In addition, the Company has completed its first equity tanker lifting of crude oil for 2008 during the last week of May lifting approximately 120,000 barrels net to Candax.
The Tunisian Government has confirmed the two year extension of the first exploration period of the Chaal Permit, with no additional work commitments. The drilling of the Chaal-1 side-track well and test program is scheduled to commence in late August / early September 2008.
Michael Wood, President & CEO stated:
"Candax is working hard to optimize both our onshore and offshore oil production at a time of record oil prices. The two well Ezzaouia drilling campaign is an important investment designed to maximize our near term onshore oil production. We are also pleased to be working so effectively with the Tunisian government to further appraise the Chaal discovery later this year. The El Bibane offshore development project is still in progress, however we are pleased to confirm that the weather critical operation of the offshore topside installation at EBB3 was successfully completed today, the remainder of the hook-up, testing and commissioning work is much less weather dependent and thus production start-up is now planned to be completed in the next few weeks from the EBB3 well and optimization work to maximize offshore production can then be delivered."
Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.
For more information, please contact: John Clarke, Executive Vice President, Corporate T: 416.361.2824 F: 416.364.5400 E: jclarke@candax.com
Tracy Weslosky or Fred Cowans, Managing Partners, Pro-Edge Consultants Inc. T: 866.544.9622 or 416.581.0177 E: info@pro-edge.com
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This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. | |