Markets

Candax Reports Update on Ezzaouia Wells

Candax Energy (CAX.TO) today announced a return to production on its Ezzaouia-1 well. Candax also announced a setback relating to its Ezzauoia-9 and Ezzaouia-17 wells.

Following the previously announced work-over on Ezzaouia-1 and the conversion to beam pump and sucker rod methodology for extraction, the well is now producing at 93 bopd in addition to 30 barrels of completion water. The oil production is steadily rising and is performing well in line with expectations.

However, Ezzaouia-9 and Ezzaouia-17, representing approximately 23.5% of Candax's total net production of approximately 575 bopd (average daily production for November) have stopped producing and will likely require full work-overs to address tubing integrity issues to be brought back into production. Depending on equipment availability and discussions with partner ETAP (the Tunisian national oil company), the partners could also decide to change the activation method and switch to the beam pump and sucker rod methodology which has successfully been implemented on Ezzaouia-1.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More