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Candax's Production Result Shows a Twofold Increase From its Ezzaouia Field

06-06-2007

Candax Energy says that the work-over program on its onshore Ezzaouia field has been successfully completed, resulting in an increase in stabilized gross field production to approximately 3,000 barrels per day (bpd) from 900 bpd (Candax net equity 31.4%). This increase is significant and compares to Ryder Scott's 2007 forecast gross average production for the field of 1,230 bpd.

Candax's net production of approximately 1,100 bpd represents a doubling of current production from its onshore fields in Tunisia.

The rig mobilization for the offshore El Bibane development is on schedule for drilling to commence at the end of June/early July. As of this morning, the rig is off the coast of Morocco and is expected to enter the Mediterranean shortly.

Mike Wood, CEO, added: "Candax is pleased with the results from the Ezzaouia work-over program. We are looking forward to the commencement of drilling on the El Bibane field and to further significant production increases."