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.
About the Author
Alan Petzet
Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.