Candax Energy Inc CXEYF

Maretap ?

[Condor7]

Who are Maretap?

See below, last paragraph, Maretap is a joint venture company between Candax and ETAP. So when Candax talks about Maretap it is really referring to itself and the ETAP organisation (which in reality must be Tunisian Government backed, given it's involvement in so many companies that deal with Tunisia's key resources). That would be the same government that took the Chaal licence away.

For further confirmation see our 1Q 2010 Consolidated Financial Statement of 31st March 2010 on the Candax website.

Also see the ETAP website page for a list of joint venture companies they are involved with. Maretap obviously, and also CTF who supplied the CFT-06 rig that drilled Chaal.

Though not, presumably the sub-standard drill team.

https://www.etap.com.tn/etap/companies.html

African Business News - Item [108458]: News Release Posted 14/06/2010
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Candax Energy start of the two well side-track program on the Maretap-operated Ezzaouia field, Tunisia

Candax Energy Inc. announces the start of the two well side-track program on the Maretap-operated Ezzaouia field, following a successful final inspection of the Ulysse rig and the commencement of operations.

The workover program includes two sidetracks to existing, but non-producing wells, as well as contingent work-overs on two further wells. The first sidetrack, EZZ-5ST, will target the same Cretaceous Zebbag dolomite zones which were found to contain bypassed oil by EZZ-10ST in 2007 and which initially produced at approximately 2,500 bopd. The second sidetrack, EZZ-2ST will target the lower zones of the Jurassic M'Rabtine reservoir in order to investigate potentially unproduced oil zones and to overcome the mechanical problems which led to the shutdown of EZZ-2 in early 2009. These side-tracks are expected to take between 25 and 30 days each to complete. Results of the two sidetracks will be announced after the work-over program has been finalized.

Ezzaouia (WI 31.4%)
The Ezzaouia field is located onshore southern Tunisia, approximately 12 kilometres north of the town of Zarzis.

Production commenced in 1990 and the field is operated by Maretap, a joint venture company between Candax and ETAP. Cumulative gross oil production from the field is approximately 29.52 million barrels. Estimated net remaining Proven + Probable reserves are 1.8 MMbbls of oil and 1.2 Bcf of gas*.