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Candax Energy Inc.

Published : August 28th, 2008

Provides Production Update

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Keywords :   Canada | Dubai | K Street | London | Madagascar | Natural Gas | Oil | Recovery | Tunisia | Water |


Candax Provides Production Update
Toronto, Ontario, Canada - Candax Energy Inc. (TSX: CAX)  is pleased to provide an operations update concerning Ezzaouia and El Bibane and to provide guidance on forecast production for the remainder of 2008.

Production from Ezzaouia 17 commenced on August 27, 2008.  Latest gross production from the onshore Ezzaouia field (WI 31.38%) is 1,700 bopd. 

On the offshore El Bibane field (WI 73.84%), work to optimize production is continuing and gross production from EBB-3 and EBB-4 is currently 2,000 bopd. Gross production of natural gas is 22 mmcf/d of which gross volumes of up to approximately 7 mmcf/d are sold to the SEEB power generation plant.  The balance of the produced gas is re-injected to optimize recovery of liquids from the reservoir.  Facilities optimization work is ongoing to handle water production that is greater than initially expected and recent work has included the expansion of water handling facilities. Further engineering work, including the installation of larger chokes on the producing wells (EBB-3 and EBB-4) and the reconfiguration of the gas flaring system will be undertaken in the third and fourth quarter.

Candax's net production for the third quarter is expected to average approximately 1,600 boe/d (1,200 bopd and 2.5 mmcf/d) and production for the fourth quarter is currently forecast at 2,800 boe/d (2,000 bopd and 4.7 mmcf/d).  The revisions in quarterly production expectations are due to delays in the commencement of full production and optimization at El Bibane and a more conservative view of oil production rates from the Ezzaouia field. 

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.

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.

pro-edge logo     Contact Information
     Tracy Weslosky or Fred Cowans
     Managing Partners
     pro-edge consultants inc.
     Tel: 416.581.0177
     Fax: 416.581.0144
     Toll free: 1.866.544.9622
pro-edge consultants | 80 Richmond Street West, Suite 600 | Toronto | On | M5H 2A4 | Canada
Data and Statistics for these countries : Canada | Madagascar | Tunisia | All
Gold and Silver Prices for these countries : Canada | Madagascar | Tunisia | All

Candax Energy Inc.
DEVELOPMENT STAGE
CODE : CAX.TO
ISIN : CA13740F1045
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Candax is a exploration company based in Canada.

Candax develops oil in Tunisia.

Its main asset in development is EZZAOUIA in Tunisia.
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3/29/2012Announces Appointment of Jean Pouzet to Board of Directors
12/21/2011Announces Management Appointments and IFC Investment Update
8/31/2011Appoints John Younger President and Chief Executive Officer
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Project news of Candax Energy Inc.
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10/22/2013Announces Changes in Management
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1/28/2013Reports Update on Deep Triassic Prospect, Debt Rescheduling
10/22/2012Reports on El Bibane Gas Cycling Progress
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6/13/2012Reports on Robbana Work-Over
5/16/2012Reports on Acquisition of Maghreb
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4/13/2011Candax Announces Positive Listing Review
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4/22/2010Candax Provides Operations Update
3/3/2010Candax Receives Credit Approval from Bank of Scotland
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9/4/2008Commences Seismic Campaign in Madagascar
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8/22/2008Spuds Ezzaouia 18 Well Onshore Tunisia
8/1/2008Provides an Update on the El Bibane Development and Ezzaouia...
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5/30/2008(TSX:CAX) Commences Ezzaouia Drilling Onshore Tunisia
4/30/2008Updates El Bibane Development and Production Outlook
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4/28/2008Announces 2008 Drilling Program
4/9/2008Reports Year End 2007 Reserves
3/25/2008 Announces El Bibane Production Start Up
2/4/2008Provides El Bibane Project and Corporate Update
12/21/2007 Provides Update for El Bibane Project
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11/12/2007 Reports Q3 2007 Results
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