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November 13, 2007 - Toronto,
Ontario - Candax Energy Inc. (TSX:CAX) ("Candax") is pleased to announce that the second
development well on the El Bibane project
offshore Tunisia commenced drilling on November 11th 2007.
The first well, EBB-4, was completed a week ago with a 550 metre horizontal
production well drilled through the reservoir and well production equipment
has been installed.
Concurrent with the continuing drilling operations, the installation of the
offshore production facilities at EBB-4 and tie in to the oil and gas
pipeline is underway and production start up from this well is anticipated
in the second half of November.
Michael Wood, President and CEO, commented: “The
El Bibane project is proceeding on track. We are
looking forward to commencing production in the next few weeks and to the
completion of the full field development program in the next few
months."
West Titania Drilling at El Bibane
EBB4 Platform Topsides
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.
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
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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Tracy Weslosky or Fred
Cowans
Managing Partners
pro-edge consultants inc.
80 Richmond Street West, Suite 600
Toronto, ON M5H 2A4
Tel: 416.581.0177
Fax: 416.581.1044
Toll-free in North America
1.866.544.9622
info@pro-edge.com
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