Post by
BlindBat_1 on Nov 07, 2011 9:19am
Candax Completes Oil Equity Lifting
We'll get there , patience grasshoppers !=============================================================Candax Energy Inc. ("Candax") (TSX:CAX) announces that the Company completed an equity lifting of 178,000 barrels of oil on November 5th on behalf of partners in the El Bibane, Ezzaouia and Robbana fields. The net volumes attributable to Candax approximate 122,000 barrels. Proceeds approximating $12 million will be realized in early December and will be based on the average Brent oil price for the period November 5th through 20th. The current Brent price is US$112 and the average Brent price for the month of October was US$107.https://www.marketwire.com/press-release/candax-completes-oil-equity-lifting-tsx-cax-1582920.htm
Comment by
JOEOIL on Nov 07, 2011 9:36am
Finally......!!! some action. $12 million. Use the cash to start drilling a new hole. Let's try and hit the mother load and get this share price to $2 - $5. Five cents is too close to zero my friends.
Comment by
BlindBat_1 on Nov 07, 2011 10:03am
If one was to extrapolate the numbers, given we had $6 Million in inventory at Q2. We produced $6 Million in the last 4 months to end of October, say. Quick math at $110 a barrel and I come to the conclusion that we are producing roughly 365 barrels a day, versus 280 ish in Q2. Touch wood we are on track to exit 2011 at 700 bopd, as planned !
Comment by
jim96 on Nov 07, 2011 1:17pm
Looks like a turnaround story for CAX and it's very bullish now. I will add more shares at this level.
Comment by
oris99 on Nov 07, 2011 8:09pm
I would be happy if theshare price went to $1.00.....anything more will be a bonus. It's has been over 5yrs and holding!
Comment by
golfin on Nov 10, 2011 7:34am
Good TIMING on the lift.....Brent prices looking GOOD! Now let's get that Robbanna flood plan going and ramp some production...Nothing but up from here...Can't imagine a better risk reward play than Candax at this price.