TORONTO, ONTARIO--(Marketwired - Sept. 24, 2013) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced the following developments with respect to its work over campaign to convert its Ezzaouia field's wells from jet pumping to beam pumping lift methodology:
- Ezzaouia-1 is back in production and reached a post work over high of 94 bopd;
- Ezzaouia-17 is back in production and reached a post work over high of 243 bopd;
- Ezzaouia-2 has been prepared for beam pump conversion and is expected to be restarted in December 2013 following the delivery of required equipment; and
- Ezzaouia-18 will be added to the work over campaign and is a candidate to be converted to a beam pumping approach as a result of a recent decline in production.
During the next week, the rig used for the Ezzaouia work overs will be mobilized in the Belli field where a work over will be performed on the Belli-1 well, which has been shut in since the mid 1990's. Following the work over on Belli-1, the rig will return to Ezzauoia to complete the remainder of that field's work over campaign.
"The Ezzaouia work over campaign has progressed somewhat slower than we expected but we are encouraged by the results and are confident that the conversion beam pump methodology will prove significantly more successful over the longer term than would jet pumping," said Benoit Debray, Chairman and CEO of Candax. "We are also optimistic about the results of the work over on Belli-1, as the possible recharging of this reservoir may provide additional production capacity for the well and allow for valuable geosciences information to further develop the field."
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This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.
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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 an economic interest in an exploration permit in Madagascar.