Companies & Finance

IFC agrees $9.79 mln equity investment deal with Candax

The International Finance Corporation (IFC) has agreed an equity investment deal with Toronto-based developer Candax worth $9.79 million.
By Staff reporter 9 December 2011 0 3041

The International Finance Corporation (IFC) has agreed an equity investment deal with Toronto-based developer Candax worth $9.79 million. Candax will use the new equity to finance further production at reserves in Tunisia, including the El-Bibane (73.8% stake), Ezzaouia (31.4%), Robbana (80%), Belli (50%), and Al-Manzah (75%) projects.

The developer has also been working with Afren on exploration work in Madagascar since 2006. The IFC posted on its website that Candax is expecting to increase production to approximately 700 barrels of oil per day by the end...