Candax Takes More of Tunisia

Candax Energy Inc. has further increased its stakes in two assets in Tunisia, the El Bibane and Robbana. The company said following the investment received by the IFC it was able to purchase the remaining working interest in El Bibane and Robbana, currently owned by Maghreb Oil and Gas.

Candax has also received approval from the Tunisian authorities for the previously announced transaction with PA resources regarding the acquisition of working interests in El Bibane and Ezzaouia. As a result of these transactions, Candax now controls 100% ownership of El Bibane, 100% ownership of Robbana, and 45% ownership of Ezzaouia with only one partner, ETAP.

These acquisitions also apply to the Deep Triassic potential exploration targets on El Bibane (offshore) and Ezzaouia (onshore).

Candax is the operator of Robbana and El Bibane and through its 50/50 joint venture with ETAP called Maretap, Candax is joint operator of Ezzaouia. This reorganization of ownership structure puts Candax in a position of strength with respect to development of the fields in 2012 and beyond.

Benoit Debray, chairman and CEO, stated "This is an important next step of the Candax strategy initiated 6 months ago to consolidate our ownership interests in our key assets. Candax now has improved control of the operations of our core assets as well as increased flexibility to develop the assets with potential business partners."