Candax Reports Q3 Loss
Candax Energy Incon Thursday reported a Third Quarter 2006 loss of $2.2 million ($0.01) per common share) compared to net income of $3 million ($0.04 per common share) in the third quarter of 2005. The loss for the first nine months of 2006 was $1 million ($(0.01) per common share), compared to net income of $2.3 million ($0.06 per common share) for the same period in 2005.
Revenues of $1.9 million were earned from the sale of approximately 25,620 barrels of oil. Production in the third quarter was 47,722 barrels of oil and no production was recorded from the El Bibane field that is being redeveloped. Production in the first nine months totaled 159,150 barrels of oil. Additionally, no revenue was recorded for the company's share in the idled SEEB power generation facility as it depends on gas from the El Bibane field. Candax maintained a strong working capital position including $56 million in cash and cash equivalents as at September 30th, 2006.
The third quarter Interim Consolidated Financial Statements and Management's Discussion & Analysis may be viewed online at www.sedar.com.
In other news, the company announces that the main drilling barge to be used for the redevelopment of the El Bibane field sailed early this morning and is expected to arrive in Tunisia by the end of next week. Further updates will be made as available.
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.