Candax, as previously announced, has mapped a large prospect in the Chaal Permit, which could extend over an area of 300 square kilometers and has multi-Tcf potential area. Two wells that were drilled on the structure over 40 years ago, encountered a hydrocarbon column of approximately 150 meters in the Lower Nara, Jurassic formation. Several zones were successfully tested in the column at rates of up to 3 MMcf/d of gas and condensate rates ranging from 25-80 barrels per MMcf.
Simultaneously, Candax announces an update on the impending mobilization of the El Bibane redevelopment program offshore Tunisia. The previously announced contracted mobilization date of January 23, 2006 has not been met due to engineering and certification delays related to the fabrication and construction of the jack-up barge system. Candax has placed members of its team to work alongside the contractor to accelerate this process, and looks forward to communicating a revised schedule for the El Bibane drilling program by mid-February.
Michael Wood, President & CEO, commented: "The Candax team is delighted to announce the spudding of the high impact Chaal-1 exploration well. This multi-Tcf prospect is the kind of world class exploration play that we want to expose our investors to."
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