Candax Energy Inc., Calgary, will acquire interests in Ezzaouia and El Bibane oil producing fields in Tunisia from PA Resources AB, Stockholm, for $4 million, subject to partner and government approval.
A Candax subsidiary operates the fields, which produce a combined 100 b/d net to the PA Resources interests from net proved and probable reserves of 500,000 bbl of oil equivalent. PA Resources working interests are 13.6% in Ezzaouia and 23.9% in El Bibane.