Candax Energy Inc. said Wednesday it has signed a deal to consolidate its ownership of two oilfields in Tunisia.
The terms of the agreements were not immediately available.
The Toronto-based oil and gas company said it now has 100 per cent ownership of the El Bibane field and the Robbana field.
The deals follow a move by the company earlier this year to increase its stake in the Ezzaouia field to 45 per cent. ETAP, the Tunisian state oil company owns the remaining stake in the company.
“This is an important next step of the Candax strategy initiated six months ago to consolidate our ownership interests in our key assets,” Candax chairman and chief executive Benoit Debray said in a statement.
“Candax now has improved control of the operations of our core assets as well as increased flexibility to develop the assets with potential business partners.”
Candax is the operator of Robbana and El Bibane and through its 50-50 joint venture with ETAP, called Maretap; Candax is joint operator of Ezzaouia.
In addition to its assets in Tunisia, Candax also holds an interest in an exploration permit in Madagascar.
Shares in the company were down half a cent at five cents on the Toronto Stock Exchange.