By OGJ editors
HOUSTON, Mar. 14 -- Candax Energy Inc., private Toronto independent, agreed to buy Tunisian producing properties from Centurion Energy International Inc., Calgary, for $41.2 million.
Centurion's ownership in the Mellita Permit and the accompanying farmout from PetroCanada are excluded, and Centurion will retain the right to participate for up to 50% of Candax's working interest in any Triassic exploration well drilled on the Ezzaouia and El Bibane concessions. The sale is to close by Apr. 30.
Changing hands are a 31.4% working interest in the Ezzaouia concession, a 73.8% working interest in the El Bibane concession, an 80% working interest in the Robanna concession, and a 75% working interest in the Al Manzah concession. Each concession contains an oil field of the same name.
Also included in the purchase is the 50% share ownership in a power plant.
Production from the four fields totaled 1,200 b/d of oil and 4.4 MMcfd of gas as of the Jan. 1, 2005, effective date of the purchase. Centurion plans to concentrate on higher impact exploration and development projects, including those in Tunisia.
The sale leaves Centurion with production of 42 MMcfd of gas and 2,800 boed of condensate and natural gas liquids from the El Wastani development lease, 59 MMcfd from the South El Manzala development lease, and 590 b/d of oil from Hana field, all in Egypt, as of Jan. 1.
