Petroleum Africa
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Monday, February 16, 2015
Candax Energy Inc. has completed most of the G&G review of its Tunisian assets which was 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, stated: “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 announced 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, declared: “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.”
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