Candax Energy Inc.
TSX : CAX

Candax Energy Inc.

October 03, 2014 10:40 ET

Candax Energy Inc. Announces On-Going Operations at Zarzis Oil Storage Terminal Operated by Maretap

TORONTO, ONTARIO--(Marketwired - Oct. 3, 2014) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced on-going operations at Zarzis Oil Storage Terminal operated by Maretap.

Maretap is a 50/50 Joint Venture between ETAP (Tunisian National Oil Company) and Ecumed (100% Owned by Candax). Maretap operates the Ezzaouia Field and the Zarzis Terminal from where all Candax production is exported.

Following a leak detected on the main oil storage Tank at the Terminal, Maretap has rented a heated storage barge in order to maintain the Ezzaouia Field production during the investigation of the root cause and the repair of the leak.

The barge is birthed at Zarzis port since September 15th and the investigation has revealed that the tank bottom and the floating membrane are most likely to be fully replaced.

Partners (ETAP and Ecumed) are currently studying several options to be implemented after the on-going cleaning job.

About Candax

Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar.

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