Candax Energy Inc. ("Candax") is pleased to announce the April 2, 2005 signing of a new prospecting permit with the Government of Tunisia and L'Entreprise Tunisienne d'Activities Petrolieres (ETAP).
The Chaal license is located onshore, covers an area of 1200 km2 and includes a number of prospects as well as an existing gas/condensate discovery. Candax believes that the existing discovery could hold very considerable potential. The discovery covers, structurally, an area of some 300 km2 and was originally drilled in the 1960's; it encountered a 150 metre hydrocarbon column and successfully tested both gas and condensate.
Candax is the operator of the Chaal permit and holds an 80% working interest in partnership with La Societe de Maintenance et d'Installations Petrolieres ("SMIP"), a Tunisian company which holds the remaining 20% working interest.
Michael Wood, President & CEO, commented that "Candax has a high degree of confidence in the hydrocarbon potential on the Chaal permit, and is pleased to announce the first operation with SMIP, its strategic joint venture partner. The Chaal permit also provides a highly complementary fit with Candax's recently announced acquisition of the various operated production interests in Tunisia from Centurion Energy Inc."
For further information, please contact:
John Clarke, Executive Vice President, Corporate
Tel: (416)368-9137
Fax: (416)364-5400
Email : jclarke@candax.com
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