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 Candax Energy Inc. (CAX.T) & ( C$.97

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Number of posts : 25
Registration date : 2008-06-10

PostSubject: Finally they hook up El Bibane   Thu Jul 31, 2008 11:21 pm

Candax finally got their El Bibane field fully back online. This is part of a big increase in production from 1200boepd to 3000boepd+. The El Bibane 3 well tested at 1000bpd oil and they are using the gas production to pressurize the field and skim off the condensate. The condensate could be as much as 1000boepd at 70barrels per million cubic feet of gas because the field is producing at 14 million cubic feet/day. 7 million is being piped ashore to fuel a power generation plant. 7 million is being used to pressurize El Bibane. There are a lot of shares out on but there was a revised price target of C$1.40 issued today by Tristone Capital. Q3 should show a dramatic increase in production and cashflow for Bobwins

Candax Energy Inc. (TSX:CAX) is pleased to announce 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.
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PostSubject: Re: Candax Energy Inc. (CAX.T) & ( C$.97   Fri Jun 13, 2008 1:52 pm

After surging earlier in the week on greatly increased volume, dropped today .04 to C$.91 on 704K shares traded. The annual meeting is next week so hoping that they release good news prior to the meeting so they can discuss it with shareholders.

They are drilling onshore right now so that would be the best candidate for news. The big news for CAX will come later this year to see if they can really bump production anywhere close to the 5,000boepd that they have mentioned as an exit rate for 2008.

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PostSubject: Candax Energy Inc. (CAX.T) & ( C$.97   Wed Jun 11, 2008 9:59 pm

Candax is an international exploration company that recently became a producer. Candax was formed a few years ago and purchased assets from Centurion prior to their sale. The main assets are offshore and onshore Tunisia. The stock has been in a long term slide because the Tunisian wells were supposed to be flowing a long time ago. They recently brought the first offshore field online and are currently drilling onshore with three wells planned back to back. They are currently producing about 1300boepd but have high hopes of exiting 2008 at 5000boepd.



last drilling update:

I have not done any forecasts of production but Tunisia pays reasonable prices for ngas and they should receive competitive prices for the oil. This could be a multi-bagger based on the deep ngas potential under the existing fields that they are restarting. They are talking multiples of trillions of cubic feet of natural gas. Even if they don't hit the big bonanza, I think this stock has big upside from their Tunisian and Madagascar properties.
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