TABLE OF CONTENTS Highlights 2014 Production G&G 2014 reserve certification Costs restructuring 2014 Financials 2014/2015 Going Concern issues 2015 Production update 2015 Financial update 2015 Strategy going forwards 3
HIGHLIGHTS 2014 - PRODUCTION Since 2010, Candax has been able to more than double production to reach 535 Bopd. This has been achieved thank to the implementation of full gas cycling in the El Bibane field with various production…
HIGHLIGHTS 2014 G&G Candax has also performed a number of geoscience studies in order to build a realistic development plan that should enable to reach nearly 900 Bopd production between 2016 and 2018. This plan would require around…
2014 RESERVES CERTIFICATION At the time of the reserve certification by Gaffney Cline and Associates, the studies we re not fully completed on Ezzaouia. The outcome was a decrease of the Company 2P reserves by 22% in bbls (-570…
RESERVES CERTIFICATION EVOLUTION Gross Reserves Net Reserves (Company working interests ) after Gross Reserves Net Reserves (Company working interests ) after Royalties Royalties 6,000 3,000 5,000 2,500 4,000 2,000 kbbls…
HIGHLIGHTS 2014 COST RESTRUCTURING Cost cutting actions had been undertaken at Corporate level since the beginning of 2014, including but not limited to: Elimination of the COO role (undertaken by CEO) Elimination of the outsourced…
2014 FINANCIALS KEY FIGURES FINANCIAL STATEMENTS (1) Revenue of 17.1 million (2013 - 16.5). The Company sold 190Kbbls over a production net of royalties of 183Kbbls during the year 2014 at an average price of 90.1 per barrel…
2014 FINANCIALS KEY FIGURES FINANCIAL STATEMENTS (2) Significant decrease of G&A from 3.4 million in 2013 to 2.1 million in 2014. Heavy Burden of financial expenses of 2.9 million (2013 - 2.5) only 0.7 in cash. Cash generated by…
2014/2015 GOING CONCERN ISSUES In September 2014, the Company was generating cash and developing a strategy of sustainable development on its Ezzaouia field. In September 15, 2014, a leak was detected on the main oil storage tank…
2014/2015 GOING CONCERN ISSUES In 2014, the fall of the oil prices have enhanced the financial difficulties of the Company casting significant doubt upon the Companys ability to continue as a going concern. The TSX initiated its…
2015 PRODUCTION UPDATE Maretap has executed a maintenance campaign on its beam- pump activated wells on the Ezzaouia field with a pulling unit. The unit has also been used to perform perforations on EZZ11. The status by well of Ezzaouia…
2015 PRODUCTION UPDATE 14
2015 FINANCE UPDATE Cash in hand end of June circa 2.0 million. Next lifting expected on August 2015 pending on ETAP Committee acceptation for anticipated lifting of 100,000 bbls. Cash proceeds (September/October) estimated to 4…
2015 STRATEGY GOING FORWARD The fall of oil prices as well as the financial impact of the leak of the oil storage tank at the Zarzis terminal forced the Company to identify and examine any strategic and financial alternatives. A…
2015 STRATEGY GOING FORWARD The current management team has been successful on: Increasing continuously the production of the Company field; Implementing full gas cycling in the El Bibane field and various production process…
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