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October 17, 2007 - Toronto,
Ontario - Candax Energy Inc. (TSX: CAX) is pleased to announce that
exploration activity on Block 1101, onshore Madagascar has commenced and
the geological fieldwork over the focus area has been completed with very
encouraging results.
Thick potential reservoir sections with good oil-staining have been
confirmed and numerous oil seeps have been identified on the block. Interpretation
and integration of the fieldwork studies with regional aeromagnetic surveys
is ongoing and will be used to delineate the 2D seismic acquisition
program. The seismic program is scheduled to commence at the beginning of
next year’s dry season, sometime in March/April, 2008. Subject to further
planned technical work and rig availability, it is anticipated that
drilling of the first well should begin in late 2008 or early 2009.
Michael Wood, CEO, commented:
“The early indications from
Madagascar are very encouraging. We clearly have an active hydrocarbon
system in Block 1101 and are looking forward to implementing our seismic
program to further evaluate potential drilling locations.â€
To view a picture of the Block 1101 Onshore Madagascar / Block 1101
Focus Area, please visit the following link: http://www.ccnmatthews.com/docs/Candx1017.pdf
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.
Not for distribution to United States
newswire services or for dissemination in the United States.
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
Email: info@pro-edge.com
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