Candax Hooks Up, Tests Production of Ebb-3 Well Offshore Tunisia

Candax Energy Inc. has announced the completion of the hook-up of EBB-3 the third and final of the three development wells in the El Bibane field offshore Tunisia.

The completion and gas lift was delayed, as commissioning of the gas compressors took longer than anticipated. EBB-3 has been on production test since late last week under natural flow. Production is not yet stabilized as the oil production rates are increasing as the well continues to clean up -- the latest oil production from the well is over 1,000 bopd.

The oil production also includes significantly higher levels of condensate which has been separately tested at approximately 70 barrels per million cubic feet of gas, which is almost double the ratio anticipated. We are looking forward to providing further announcements on production rates once stabilized production is achieved and full field optimization is underway.

Onshore, the Ezzaouia 17 well has been successfully drilled and is currently being completed. Temporary testing and production equipment to enable fast track production has been mobilized by the operator, to allow the oil to be trucked to the central processing facility. Ezzaouia 17 encountered all of the producing Jurassic zones in the main Ezzaouia field, all of which were interpreted as oil bearing. Net pay of approximately 20 metres was identified, with porosities of about 15% and oil saturations of about 70%, which are similar to previous wells drilled at Ezzaouia.

Michael Wood, CEO, commented, "The completion of hook-up and commissioning of EBB-3 is an important milestone for Candax and I would like to acknowledge the commitment and effort of the operations team in Tunisia in meeting the many challenges that the El Bibane field development project has presented. The focus of the project team will now be placed on optimizing total field production. Candax will be using the enhanced cash flow from production to add shareholder value as the Corporation places increasing emphasis on its exploration and appraisal activities to develop its project portfolio and reserve base."


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