Candax Energy Inc CXEYF

there should be plenty of oil

[gemsearcher2]

in El B remaining for CAX to recover costs and make the project profitable...but the reward that may well make it very profitable is the extra credits that the condensates provide.Sounds like there is potentially a lot of it there.Plus 56 BCF of gas should keep the gas lift system sweeping the reservoir for a long time to come if it is only being drawn from at a few million scf/day for SEEB fuel.This from the archived 2002 Centurion Annual report (page 13).www.centurionenergy.com/files/2002/2002AR.pdf:EL BIBAN CONCESSION The El Biban offshore Concession, located approximately 20 kilometres southeast of the popular resort of Djerba Island, is held until year-end 2013 without further commitments. At year-end 2002, total cumulative production from the field was 2.5 million barrels. Average daily gross production from the field was 850 barrels. Managing water disposal has been the major factor in controlling operating costs since April 2000. In December 2002, after evaluating a number of alternatives, Centurion installed a second-stage coalescing unit to reduce total hydrocarbon content to less than 10 ppm, enabling the produced water to be disposed in the sea. Water production can now be managed in a cost-effective and environmentally sensitive manner, with anticipated savings for 2003 of US$1.0 million. The areal extent of the field was increased by approximately 25 percent in 2002, following reprocessing of 2-D seismic data. The new seismic map was used to build a reservoir simulation model, and helped to locate the next development well. The model predicts original oil-in-place of 24.5 million barrels and natural gas-in-place of 56.4 billion cubic feet. The simulation has predicted that 3.7 million barrels of remaining oil and condensate reserves and 32 billion cubic feet of gas can be recovered from the existing well. A possible infill well could recover additional oil reserves. Centurion is searching for a timely, cost-effective solution to drilling this development well.