Candax has entered into an agreement with Dana Gas, whereby Dana Gas will relinquish its optional rights to participate in future wells targeting the Deep Triassic zone below the currently producing Cretaceous and Jurassic zones in the El Bibane and Ezzaouia concessions in Tunisia. Dana Gas had obtained these rights when Candax acquired the Ecumed companies from Centurion Energy International Inc., a predecessor of Dana Gas in 2005. As compensation for Dana Gas relinquishing its rights, Candax will forego its claim for the payment of certain taxes and will make a one off payment in the event that a commercial discovery is made in the Deep Triassic zone.
This agreement protects Candax's current working interest in future wells targeting the Deep Triassic of 73.8% on the El Bibane concession and 69.7% on the Ezzaouia concession prior to back-in rights held by Entreprise Tunisienne d'Activites Petrolieres (ETAP).
Benoit Debray, Chairman of Candax, commented, "We are very pleased to have increased our interest in this play and we look forward to evaluating these Deep Triassic zones."
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