Candax Energy: five wells return to production in Tunisia

Stockhouse Editorial
0 Comments| November 23, 2012

Candax Energy (TSX: T.CAX, Stock Forum) said that the remedial campaign on the Ezzaouia field in Tunisia has been successfully completed by the operator Maretap.

Maretap is a 50/50 joint venture managed by ETAP, the Tunisian national oil company, and Ecumed, a subsidiary of Candax.

According to the Candax Energy press release, the five month campaign included remedial actions conducted on several Ezzaouia wells in order to eliminate scale deposit in the production tubing and at the jet pump level. Five producer wells are now back in production and the company expects Ezzaouia-1 to resume production in the coming weeks.

As a result of the work over and the jet-blasting campaign, the total Ezzaouia field daily production is now approximately 750 barrels per day, a significant improvement from production levels before the projects were undertaken.

Candax is an international energy company engaged in exploration and the production of oil and gas in Tunisia.

On Friday, Candax Energy’s stock was up 14% and was trading at $0.04 a share. The company has a market cap of $42.7 million, based on 1 billion shares outstanding. The 52-week high and low was $0.095 and $0.03 respectively.

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