TUNISIA - Ezzaouia (WI 31.4%)

The Ezzaouia field is located onshore southern Tunisia, approximately 12 kilometres north of the town of Zarzis.

Production commenced in 1990 and the field is operated by Maretap, a joint venture company between Candax and ETAP. Cumulative gross oil production from the field is approximately 29.52 million barrels. Estimated net remaining Proven + Probable reserves are 1.8 MMbbls of oil and 1.2 Bcf of gas*.

In May 2008, Candax commenced drilling the first of two infill development wells - EZZ-17 followed in August by EZZ-18. Both wells were completed by year-end 2008 with results and production meeting expectations. As of March 2008 both wells were producting at stabilized rates of approximately 500 bopd each. In 2009, Candax is focused on low cost, near term incremental production and plans on drilling two new well side-tracks and a work-over program.  Partner approval has been obtained, equipment procurement is underway and rig contracts are currently being negotiated. 

* Ryder Scott Report 31/12/08