Candax Energy Inc.-Re: Update on Actis Africa Fund 2, LP's Holdings in Candax Energy Inc.

CALGARY, ALBERTA--(Marketwire - Oct. 30, 2008) - Actis Africa Fund 2, LP of London, England announced today that the securities held in Candax Energy Inc. (TSX:CAX) by Actis Africa Fund 2, LP, CIFA Investments LP and Actis Executive Co-Investment Plan LP have been transferred to Actis Candax Malta Limited, which is indirectly wholly-owned by such funds.

Actis Africa Fund 2, LP together with CIFA Investments LP, the Actis Executive Co-Investment Plan LP and their subsidiaries exercise control or direction over an aggregate of 56,250,000 common shares of Candax, which represent approximately 33.2% of the outstanding Candax common shares.

Actis Africa Fund 2, LP and CIFA Investments LP are each managed by Actis LLP, a leading private equity investor in emerging markets. The common shares of Candax are held for investment purposes.