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Dec. 21, 2007 - Toronto, Ontario - Candax Energy Inc. ("Candax")
(TSX: CAX) is pleased to announce that the second development well on the
El Bibane project offshore Tunisia, EBB-5, was successfully drilled to a
total depth of 2250
metres. The well has been logged and interpretation
indicates that the porosity and hydrocarbon saturations are the best seen
in the field to date. The well will be perforated through casing and
completed as a gas injection well which will ensure improved recovery of
condensate from the gas cap.
The perforation program is expected to be completed over the next few days,
following which, the West Titania rig will be mobilized to the third and
final well location for a re-entry of the EBB-3 well. The EBB-3 well is a
horizontal producer on the southern flank of the field and is expected to
start drilling next week.
The installation of the offshore production facilities at the producing
EBB-4 location and tie in to the oil and gas pipeline has been delayed by
four weeks due to the offshore weather conditions which have been
particularly poor in the last month. The offshore platform has been
successfully installed and the current operations involve the pipeline
hook-up and commissioning. Production start up is now anticipated in early
January.
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.
West Titania Drilling at El Bibane
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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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
www.pro-edge.com
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