The El Bibane field re-development is currently underway and there were no oil or gas revenues from the project in Q3. Year to date results were adversely effected by a CDN$3.0 million foreign exchange loss, which was primarily due to a revaluation of the Company's US dollar investments in cash and cash equivalents into Canadian dollars. Candax has a strong working capital position at the end of Q3, including CDN$28.6 million in cash and cash equivalents.
Chris Hopkins, CFO, commented: "Sales in the third quarter helped maintain a strong cash position to fund the on-going development of our El Bibane field."
Mike Wood, President and CEO, added: "We achieved a record sales price for our oil in Q3 at US$75/barrel, crude prices have continued to increase substantially since that time and as our near term focus remains to rapidly increase our production levels in Q4 2007 and Q1 2008 we look forward to seeing this reflected in our financial performance in 2008."
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