Candax Energy Inc CXEYF

Maretap Deal ?

[Condor7]

If Candax have a 50:50 Joint Venture with ETAP in the Maretap company, then the fact is that Candax will pay 50% of the development costs on Ezzaouia, for a 31.4% stake in the field.

Does that seem like good business sense to anybody?

The information is available in their Management Discussion document, but they don't exactly make it clear in the news release. See below:

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From our Candax Energy Inc. Management’s Discussion and Analysis For the period ended March 31, 2010:

Ezzaouia

Ezzaouia is primarily an oil field onshore Tunisia producing small quantities of associated gas. The Ezzaouia field is operated by Maretap, a company owned by the interest holders in the field which include Entreprise Tunisienne d’Activités Pétrolières ("ETAP"), the Tunisian state-owned oil company. Candax owns a 31.4% working interest.
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