Candax Energy Inc, announces that its subsidiary, Candax Madagascar Limited ("CML"), has reached an agreement to sell its 10% working interest in Block 1101 in Madagascar to Oyster Oil & Gas Limited ("Oyster").
Candax will continue to retain upside on the Block through a share of future production royalties, as previously announced, as well as certain future payments from Oyster. The transaction is subject to completion of due diligence and Government approval.
Benoit Debray, Chairman and CEO of Candax commented, "We are encouraged by the progress made in developing this world class exploration block and we are pleased to continue to participate in the upside. We look forward to seeing the operator, Afren, and Oyster move forward with the exploration of the block. This transaction is consistent with our strategy to focus our efforts on the development of our encouraging prospects in Tunisia."
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