Candax Energy Inc.

TSX : CAX


Candax Energy Inc.

December 20, 2013 08:39 ET

Candax Energy Inc. Reports on Belli Test Results

TORONTO, ONTARIO--(Marketwired - Dec. 20, 2013) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today reports that its initial work on reopening the Belli-1 well have indicated that the well, in its current configuration, will not be brought back to commercial production.

The test procedures involved a workover to reperforate the reservoir, a swabbing test of the formation and an extended well test using Sucker Rod Pumping (SRP). The SRP production test was halted due to fluid segregation in the casing which prevented the small volume of oil produced to flow through the tubing.

The Belli field is one which has in the past produced in excess of 10,000 bopd. Candax intends to move forward with studies to explore the possibility of further potential.

"While it is disappointing we were not able to the reinvigorate the Belli-1 well through a simple reopening," commented Candax CEO Benoit Debray, "We will continue to evaluate other possibilities for production on this field which was once such an active producer."

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

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.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

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.

Contact Information