Toronto, Ontario, Canada - Candax Energy Inc. ("Candax") [TSX: CAX] is pleased to provide an update of the Chaal 1 well onshore Tunisia. Drilling operations have been completed and the well was drilled to a total depth (TD) of 4,600 metres, some 150 metres deeper than originally planned. TD was reached on April 16, 2006 and logging commenced on April 18, 2006. As announced on April 10, 2006, an intermediary logging run was planned once well control was re-established. However, as well control was eventually achieved at considerably higher mud weights than anticipated, the decision was taken to continue drilling to TD prior to logging.
Initial results of logging indicate that a gross reservoir interval of approximately 450 metres was penetrated in the Lower Nara, Jurassic formation, comprising limestone, argillaceous limestone and shale/claystone. Logging continues and the well test plans are being finalized with partners over the next few days. More detailed logging interpretation, together with details for the well test program are expected to be announced during the week of April 24th.
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.
For further information, please contact:
John Clarke, Executive Vice President, Corporate
T: (416)361-2824
F: (416)364-5400
E: jclarke@candax.com
Fred Cowans or Tracy Weslosky, Managing Partners
Pro-Edge Consultants Inc.
T: 866.544.9622 or 416.581.0177
E: info@pro-edge.com
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