Candax Energy Inc CXEYF

News: Candax Energy Inc. Updates on Strategic and Financial

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Clear as mud what their plans are and not a beep about production performance, but obviously GeoFinance wants out....who doesn't !

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February 13, 2015

Candax Energy Inc. Updates on Strategic and Financial Alternatives

TORONTO, ONTARIO--(Marketwired - Feb. 13, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, announces that it has completed most of the G&G review of its Tunisian assets which has been initiated in 2012.

The Company believes to be now in a position to provide to Interested Parties a documented and updated technical review of the remaining potential of its producing assets and exploration upside potential. A document in the form of a "Candax Flyer" has been compiled and is available on the company website.

Jean Pouzet, Candax Independent Director and Chairman of the Geoscience committee, declares: "We thank the team for the hard groundwork delivered within the past 3 years. We are confident that it does provide a sound basis to develop the strategic and financial alternatives contemplated by the Board of Directors".

In line with the recent announcement of the partial debt repayment and waiver, the Company announces that Geofinance N.V., Candax's majority shareholder (64%) and principal debt-holder has appointed a financial investment advisor, DragonKnight Advisors (Mr. Stephan Gaude), to explore various options in relation with Candax, including a possible assignment or transfer of the debt to a third party.

Steve Drinkwater, Candax's Lead Independent Director, declares: "As Geofinance is both the controlling shareholder and its major debt-holder, we at Candax see this initiative from Geofinance as a positive step towards determining Candax's future status".