Candax Announces Sale of Interest in Madagascar Block 1101

Source: www.gulfoilandgas.com 6/28/2013, Location: Africa

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."

For more information about related Opportunities and Key Players visit East Africa Projects


Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...
South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...

United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...
United States >>  8/3/2022 - Enterprise Products Partners L.P. (EPD) announced three organic growth projects to expand its footprint in the Permian Basin to support ongoing produc...

Nigeria >>  8/1/2022 - Panoro Energy ASA is pleased to announce the declaration of its first dividend (the "Dividend") following recent completion of the transaction to dive...
Russia >>  8/1/2022 - Baker Hughes (BKR) has signed an agreement to sell its Oilfield Services business in Russia (“OFS Russia”) to its local management team. The agreement...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.