Candax Resumes Production at Robbana Field

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Candax has resumed production from its Robbana field onshore Tunisia.

As disclosed on March 18, 2011 and March 29, 2011, Candax initiated a workover of the existing Robbana-1 well following very positive results from an independent reservoir study. Pressure data obtained in March during the first phase of the workover were significantly better than expected, indicating very significant volumes of fluids connected to the well of approximately 27 million barrels. The Company then expected to stimulate the well before resuming production, however stimulation was not possible in the current configuration of the well and it was decided to resume production with the existing completion.

Production resumed in early August and the pumping parameters are still being adjusted. The current production of 20 bopd, although low and below the well's theoretical capacity, makes the well economic at the current oil price and is similar to the production experienced before the well was shut-in in 2009.

Candax is now accelerating the design of a full field development plan, which will include the drilling of several wells, the implementation of a waterflooding program and potentially the stimulation of the Robbana-1 well to access the full potential of that well.

Pascal Mirville, COO, stated, "We are pleased by the resumption of the production at the Robbana-1 well and are excited by the untapped potential of the field, with indications that the recoverable volumes may approach 9 million barrels (80% to Candax). We are now dedicating significant resources to the design of the development plan of the field and we expect the first wells to be drilled in the first quarter of 2012, or even earlier depending on rig availability and mobilization."

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