Petroleum Africa
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Thursday, January 29, 2015
Candax Energy Inc. revealed that due to the significant decline in oil price and its current financial constraints with mature oil field development in Tunisia, it is undertaking a process to identify, examine, and implement strategic and financial alternatives available to it.
Strategic and financial alternatives may include, but are not limited to, the sale of the company, some of its subsidiaries or all or a portion of its assets, a recapitalization, a JV or any combination thereof.
Candax formed a Special Committee of the Board, which is composed of three Independent Directors, to oversee the strategic review. It is the company’s current intention not to disclose developments with respect to the strategic review process until it determines that disclosure is necessary or appropriate.
The company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, as to the terms or timing of such a transaction.
In addition, Candax said it is in ongoing discussions with the debtholder regarding the $4 million repayment due on January 31, 2015. The company cautions that there are no assurances or guarantees that all the discussions will result in an agreement.
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