Candax Energy Inc CXEYF

update on Ezzaouia

[pwade0821]

September 24, 2013 17:00 ET

Candax Energy Inc.: Progress Report on Ezzaouia Field Work Overs

 

 

TORONTO, ONTARIO--(Marketwired - Sept. 24, 2013) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced the following developments with respect to its work over campaign to convert its Ezzaouia field's wells from jet pumping to beam pumping lift methodology:

• Ezzaouia-1 is back in production and reached a post work over high of 94 bopd;
• Ezzaouia-17 is back in production and reached a post work over high of 243 bopd;
• Ezzaouia-2 has been prepared for beam pump conversion and is expected to be restarted in December 2013 following the delivery of required equipment; and
• Ezzaouia-18 will be added to the work over campaign and is a candidate to be converted to a beam pumping approach as a result of a recent decline in production.

During the next week, the rig used for the Ezzaouia work overs will be mobilized in the Belli field where a work over will be performed on the Belli-1 well, which has been shut in since the mid 1990's. Following the work over on Belli-1, the rig will return to Ezzauoia to complete the remainder of that field's work over campaign.

"The Ezzaouia work over campaign has progressed somewhat slower than we expected but we are encouraged by the results and are confident that the conversion beam pump methodology will prove significantly more successful over the longer term than would jet pumping," said Benoit Debray, Chairman and CEO of Candax. "We are also optimistic about the results of the work over on Belli-1, as the possible recharging of this reservoir may provide additional production capacity for the well and allow for valuable geosciences information to further develop the field."