Candax Energy Inc. has reported a profit of $2.8 million ($0.02 per common share) for the three months ended June 30, 2008, compared to a loss of $4.5 million ($0.03 per common share) for the three months ended June 30, 2007.
Candax's production in the second quarter of 2008 was 1,005 bopd and 3.7 mmcf/d as against 513 bopd in the second quarter of 2007, the increase attributable primarily to the resumption of production from the El Bibane field in March and gas sales to the SEEB power generation facility. Revenues were $14.9 million arising substantially from the sale of 120,577 bbls of equity crude oil exported from Tunisia in May 2008.
Capital expenditures in the second quarter of 2008 were $13.9 million including $12.4 million relating to the El Bibane field development. As at June 30, 2008, Candax had cash and cash equivalents of $31.5 million and had utilized US$44.5 million of its US$50 million borrowing base facility.
Michael Wood, CEO, commented, "Our second quarter financial results are influenced by the progress that Candax has made towards the resumption of full production from El Bibane and the benefit realized from the higher oil prices during this period. The focus of the El Bibane project team remains the optimization of total field production."
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