Candax Energy Pleased with First El Bibane Development Well

Candex Energy's first well in the three well development program on the El Bibane oil and gas field, EBB-4, was drilled to a total depth of 2,298 meters on October 3rd and logging was completed on October 4th. The oil/water and the gas/oil contacts in the vertical section of the well are as expected, providing a gross oil column of 25 to 30 metres, and the reservoir quality in the Zeebag dolomite is better than expected. Operations are continuing with the drilling of the 500 metre horizontal production section of the EBB-4 well and upon completion, the production platform will be installed and tied into the oil and gas pipelines. The tie-in will take approximately two weeks and production will then begin to the central processing facility onshore. First production is anticipated to commence in November.

Michael Wood, President and CEO, commented:

"We are very pleased that the results from the EBB4 well comfortably underpin our base case 2P oil and gas reserves for El Bibane. We are fully focused on getting first production on stream and completing the field development program for El Bibane as soon as possible. In addition, planning for the onshore drilling campaign on our Chaal and Ezzaouia projects is progressing well for early 2008, and further announcements on these programs will be made in due course."

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.

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