Candax Energy Inc CXEYF

RE: Drill Rig for El Bibane

[coorsman]

Mr. Michael Wood reports CANDAX AWARDS DRILLING RIG CONTRACT FOR EL BIBANE RE-DEVELOPMENT PROGRAM Candax Energy Inc. has contracted Seadrill Ltd. for the use of the West Titania jack-up rig for the El Bibane redevelopment program. The contract with Seadrill will allow Candax to complete the three-well, redevelopment drilling program and will provide flexibility for additional potential exploration and development drilling offshore Tunisia. The West Titania will be dry towed from its current location offshore West Africa using the heavy lift vessel, Gavea Lifter. Mobilization of the heavy lift vessel is already under way, with the West Titania mobilization due to commence the last week in April. Assuming the dry tow commences as expected, Candax expects drilling to start in June.