Candax Welcomes New Chairman

Candax announced that Benoit Debray has been appointed by the Board of Candax as Non-Executive Chairman. Mr. Debray has 27 years of experience in the international E&P and oilfield service industries. Until recently, he was the Chief Operating Officer and a board member of Geoservices, a former subsidiary of Geofinance N.V. Prior to joining Geoservices, Mr. Debray was drilling and production deputy director for the French Institute of Petroleum. His initial position in the E&P industry was with Elf Aquitaine as a reservoir engineer and he has extensive service industry and operations experience in well testing and production logging, R&D, marketing and key account management. Mr. Debray graduated with a degree in petroleum engineering and mechanical engineering from Ecole Centrale de Nantes and he holds an Executive MBA from HEC Paris.

Murray Grant, Director of Candax and Partner of Actis, commented, "We welcome the appointment of Benoit Debray as Chairman of Candax and note his extensive upstream experience in the past. I would like to take this opportunity to thank Adrian Loader for his contribution and commitment to Candax over the past two and a half years and in particular the role that he played in the strategic process that resulted in the investment in Candax by Geofinance N.V."

In other news, Candax announced that it has withdrawn the farm-out process with EAX, Candax's 40% partner on Block 1101 in Madagascar. Candax will remain operator and will pursue the Partners' goal of drilling an exploration well whilst reviewing its strategic options.