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Candax Announces 2008 Drilling Program

Toronto, Ontario, Canada - Candax Energy Inc. ("Candax") [TSX: CAX] is pleased to announce that rig and specialist drilling management service contracts have been signed for the implementation of its onshore Tunisian drilling program in 2008.

Ezzaouia Field (31.4% Working Interest)

The Tunisian national drilling company CTF6 rig is currently being mobilized from northwest Tunisia to the Ezzaouia field to commence a back to back, two well campaign to drill Ezzaouia wells 17 and 18. These infill development wells are targeted at increasing proved reserves and adding significant production. The wells can be tied into existing facilities and brought immediately into production upon successful completion. The Ezzaouia 17 well is due to spud by mid May and is targeting an un-drained, potentially significant fault block at the east end of the field.  Ezzaouia 18 will be drilled in the west of the field to augment production in the most prolific fault block yet encountered in the field.

Negotiations are ongoing to procure a rig to undertake a work-over program on several wells in Ezzaouia, including the Ezzaouia 5 sidetrack, to further evaluate the potential for bypassed oil in the Cretaceous Zeebag formation. During 2007, the Ezzaouia partners sidetracked Ezzaouia 10, the only producing well from the Zeebag, and discovered significant levels of bypassed oil.  Prior to the sidetrack, Ezzaouia 10 was producing about 200 bopd and following the sidetrack, the well initially produced over 2,000 bopd and is still producing at over 400 bopd.

On the Deep Triassic prospect at Ezzaouia, negotiations with all the partners for drilling are ongoing, and Candax remains fully committed to reaching an agreement so that an exploration well can be spudded on this multi-Tcf prospect early in 2009.
 
Chaal (60% Working Interest)

Following completion of the program at Ezzaouia, the CTF6 rig will be redeployed to drill the high-angle sidetrack of the Chaal-1 gas discovery made in 2006.  The well is expected to spud in late August or early September.  A contract has been signed with Houston-based NewTech, drilling specialists with extensive experience in high-pressure/high-temperature operations.
The objective of the Chaal sidetrack is to fully evaluate and test the commerciality of the gas discovery, and will likely include a large acid fracturing to optimize flow from the fractured reservoir, followed by a long term test.  On demonstration of commercial flow rates, the well exposes Candax shareholders to a high-case unrisked Contingent Resource of 850 Bcf (Ryder-Scott 2007). A two year extension to the Chaal Exploration Permit has been agreed to, and administrative formalities with the Tunisian Government initiated, which require no additional work program commitments beyond the planned sidetrack.

Robbana (80% Working Interest)

Candax is also preparing a program and initiating rig negotiations to evaluate the significant 3 million barrel Contingent Resource reported (Ryder-Scott 2008) in the Robbana field through the potential implementation of water injection.  The objective of the program will be to drill an appraisal/development well down-dip of the producing Robbana-1 well to assess the extent of the reservoir and effectiveness of augmenting recovery with water injection. Drilling is expected to commence in the second half of 2008. Candax also believes that further reserves are present to the west of Robbana-1, along a structural ridge which extends into the Robbana block from the recent Mezrane discovery, where oil was tested at the same stratigraphic level as in Robbana-1. This area will be the focus of a future exploration/appraisal drilling campaign.
 
Block 1101 Onshore Madagascar (60% Working Interest)

Following the results from the initial geological fieldwork, geochemistry and gravity/magnetics have confirmed the excellent potential of Block 1101, indicating in excess of 5,000 metres of sedimentary section beneath our block together with numerous oils shows. Candax is currently tendering the planned 2D seismic program, which is expected to commence in the third quarter of 2008. Following the encouraging results from initial exploration studies, planned seismic coverage has been increased to include additional areas of the Block. Subject to interpretation of the 2D seismic results and further field work planned for 2008, it is anticipated that the first exploration well will be drilled in 2009.
 
Michael Wood, President & CEO, commented:

"As the El Bibane project nears completion with the on-going tie-in of El Bibane 3 and production optimization of El Bibane 4, Candax is about to commence a significant onshore development and appraisal drilling program. Our objectives are to maximize our onshore oil production and to appraise the high impact potential of both the Chaal and Robbana projects.  In the second half of 2008, the sidetrack of Chaal-1 will appraise the commercial viability of an 850 Bcf identified resource, and the downdip Robbana well will test the potential to add significant reserves through water injection.  We are also making significant progress on our other high impact exploration projects in Tunisia, Madagascar and elsewhere.  The Candax team is excited about results to date, and remains focused to maintain the momentum established so far this year to ensure further increases in net oil production are brought on-stream and to use the drill-bit to access some of the world class potential in our exploration/appraisal portfolio."  

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.

NOTE: To view the photograph associated with this press release, please click here.

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.

 

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 in North America 1866.544.9622

 

pro-edge consultants | 80 Richmond Street West, Suite 600 | Toronto | On | M5H 2A4 | Canada

http://rs6.net/on.jsp?t=1102076266759.0.1101929135265.1048&ts=S0334&o=http://ui.constantcontact.com/images1/s.gif

Candax Energy Inc.

DEVELOPMENT STAGE
CODE : CAX.TO
ISIN : CA13740F1045
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Annual reports of Candax Energy Inc.
2009 Annual Report
Annual Report 2007
Financings of Candax Energy Inc.
2/17/2012Receives Shareholder Approval of Private Placement at Specia...
5/27/2010Candax Receives $6=2E4 Million from Geofinance Exercise of W...
4/1/2010Candax Closes Private Placement With Geofinance NV and Final...
3/19/2010Candax Provides Update to Timetable for Private Placement an...
3/11/2010Candax Receives Shareholder Approval in Respect of Private P...
12/5/2007Increases Bank of Scotland Credit Facility
Nominations of Candax Energy Inc.
6/26/2013Announces Election of Directors
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
7/8/2011Candax Announces Appointment of John Younger to Board of Dir...
6/9/2011Candax Announces Appointment of Chief Operating Officer
4/3/2008 Announces Appointment of New CFO
1/14/2008(audio) Executive Vice President - Corporate, John A. Clarke...
9/18/2007an update with John Clarke, executive Vice President.
Financials of Candax Energy Inc.
8/9/2013Announces Second Quarter Financial & Operating Results
5/13/2013Announces First Quarter Financial & Operating Results
3/28/2013Announces Year End Financial & Operating Results
11/13/2012Reports Third Quarter 2012 Results, Change of Director
8/10/2012Reports Second Quarter 2012 Results
5/11/2012Reports First Quarter 2012 Results
11/15/2011Candax Reports Third Quarter 2011 Results
8/16/2011Candax Reports Second Quarter 2011 Results
6/15/2011Candax Reports First Quarter 2011 Results
4/1/2011Candax Reports 2010 Results
11/14/2008Reports Strong Third Quarter and Nine Months Results
8/14/2008Reports Second Quarter Profit
5/15/2008Reports 2008 Q1 Financial Results
3/31/2008Reports 2007 Financial Results
Project news of Candax Energy Inc.
1/2/2012(Ezzaouia)Purchases Additional Interests in El Bibane and Ezzaouia Fie...
8/15/2011Candax Resumes Production From the Robbana Field
6/13/2011(Ezzaouia)Candax Announces Production Update =?ISO-8859-1?Q?on=20Ezzao...
6/14/2010(Ezzaouia)Commences Work-over Program at Ezzaouia
Corporate news of Candax Energy Inc.
10/22/2013Announces Changes in Management
9/24/2013(Ezzaouia)Progress Report on Ezzaouia Field Work Overs
9/6/2013Finalizes Agreement to Sell Working Interest in Madagascar B...
9/6/2013Finalizes Agreement to Sell Working Interest in Madagascar B...
1/28/2013Reports Update on Deep Triassic Prospect, Debt Rescheduling
12/28/2012(Ezzaouia)Reports Update on Ezzaouia Wells
12/28/2012(Ezzaouia)Reports Update on Ezzaouia Wells
11/23/2012(Ezzaouia)Reports on Ezzaouia Remedial Work
10/22/2012Reports on El Bibane Gas Cycling Progress
10/22/2012Reports on El Bibane Gas Cycling Progress
6/13/2012Reports on Robbana Work-Over
5/16/2012Reports on Acquisition of Maghreb
4/11/2012Announces Progress on Robbana Work-Over
2/24/2012Closes $12 Million Private Placement
1/16/2012Signs Investment Agreements for $11 Million Private Placemen...
11/18/2011Candax Announces Agreement in Principle for Proposed IFC Inv...
11/7/2011Candax Completes Oil Equity Lifting
11/2/2011Candax Purchases Participation Rights in Tunisian Licences
9/26/2011Candax Announces Resignations of Richard Norris and Matthieu...
8/8/2011Candax Provides Update on El Bibane Concession
7/25/2011Candax Provides Update on Block 1101 Madagascar
4/13/2011Candax Announces Positive Listing Review
3/29/2011Candax Robbana Work-Over Exceeds Expectations
12/20/2010Candax Comments on Listing Review Process
12/17/2010Candax Comments on Listing Review Process
11/25/2010Candax Announces Resignation of Actis Nominee
10/19/2010Candax Provides Operations Update
9/13/2010Provides Update on El Bibane Operations
8/19/2010Provides Update on El Bibane Operations
5/11/2010Enters Into Farm-Out Agreement on Chaal Permit
4/22/2010Candax Provides Operations Update
3/3/2010Candax Receives Credit Approval from Bank of Scotland
3/30/2009 Reports 2008 Results
3/3/2009Candax Provides Operational Update
11/14/2008Provides Operations Update and Guidance for 2009
9/5/2008Receives CanaccordAdams Research Update
9/4/2008Commences Seismic Campaign in Madagascar
8/28/2008Provides Production Update
8/22/2008Spuds Ezzaouia 18 Well Onshore Tunisia
8/1/2008Provides an Update on the El Bibane Development and Ezzaouia...
8/1/2008Receives Tristone Capital Research Update
5/30/2008(TSX:CAX) Commences Ezzaouia Drilling Onshore Tunisia
4/30/2008Updates El Bibane Development and Production Outlook
4/29/2008Present at COPIC
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
11/6/2007 Live Webcast Today: 10:20 AM EST
10/17/2007 Provides Update on Exploration Activity in Madagascar
10/9/2007Provides Operational Update on Tunisian Drilling
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