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.
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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 a royalty interest in an exploration permit in Madagascar.