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 CAX.to 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 CAX.to. 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.