April 1, 2011 / 3:17 PM / 7 years ago

UPDATE 1-Candax Energy FY net loss dips; shares rise

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April 1 (Reuters) - Candax Energy Inc said net loss for the year more than halved from a year ago and its auditors had not included a going-concern paragraph for the first time since 2009, sending its shares up as much as 15 percent.

The oil and gas company had completed a debt restructuring program in the first quarter of 2011, in which it issued about 464.2 million shares to Canada’s Geofinance NV in exchange for the cancellation of about $22 million of bank debt.

Candax, which has assets in Tunisia, said net loss for 2010 was C$26.7 million ($27.5 million), or 8 Canadian cents a share, compared with a loss of C$61.2 million, or 36 Canadian cents per share, a year ago.

Revenue fell 97.5 percent to C$700,000, mainly due to lower oil production, which was down 75 percent at 206 barrels of oil per day.

Shares of the Toronto-based company were up 8 percent at 7 Canadian cents in morning trade on the Toronto Stock Exchange. They touched a near two-week high of 7.5 Canadian cents earlier in the session.

$1 = 0.970 Canadian Dollars Reporting by Abhiram Nandakumar in Bangalore

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