Candax begins drilling offshore Tunisia

Candax Energy Inc. has begun drilling the first well in a three-well development program on the El Bibane oil and gas field offshore Tunisia.

Offshore staff

TORONTO, Ontario -- Candax Energy Inc. has begun drilling the first well in a three-well development program on the El Bibane oil and gas field offshore Tunisia.

The EBB-4 is being drilled using theWest Titania jackup. First oil and gas production from EBB-4 is expected by the first week of Oct. 2007. Upon completion of EBB-4, the West Titania will move to the second well location, EBB-3RE2, to re-complete the existing well by drilling a new, horizontal production well in the oil column. The final well, EBB-5, will be used as a gas re-injection well. First gas injection is likely to begin early in December.

"We are extremely pleased that drilling has commenced on the El Bibane field," says Michael Wood, president and CEO. "The EBB-4 well marks the commencement of our aggressive drilling program that we outlined at our recent annual general meeting. We look forward to further significant production increases from El Bibane in the third quarter and stabilized full field production by December."

8/2/2007

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