Candax Commences Seismic Campaign in Madagascar
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Toronto, Ontario - September 4, 2008 - Candax Energy Inc. (TSX: CAX) is pleased to announce that 2D seismic operations have commenced on Block 1101, Madagascar. The seismic program will be undertaken by Upstream Petroleum Services Limited ("UPSL") of Dubai. UPSL specializes in low environmental impact seismic acquisition and has proven operational experience in East Africa. The program involves the acquisition of up to 228 line kilometres of 2D seismic across the prospective Ankaramy and Ambilobe areas of the Block. The acquisition phase is expected to take approximately two months to complete with the processing and interpretation being undertaken thereafter. The 2008 geological fieldwork program has recently been successfully concluded and together with the results of the 2D seismic will provide Candax and its partners with the required information to drill the first exploration well in 2009.
Michael Wood, CEO, commented: "Our field work to date has demonstrated an active petroleum system and up to 9,000 meters of sedimentary column. This is another important milestone towards the fulfillment of the exploration program in what we believe to be a highly prospective block and is the first seismic survey on the block for more than forty years." Candax Energy Inc. is an international energy company with its head office in Toronto and offices in London, Tunis, Dubai and Madagascar. The Candax group is engaged in exploration and the production of oil and gas and power generation in Tunisia and holds an interest in an exploration permit in Madagascar. 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 asset portfolio. To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/caxpic1.pdf 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.
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