Verenex Wins Bid to Explore for Oil and Gas in Libya

Libya Block 47
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Verenex Energy Inc. has been selected as a successful bidder in Libya's Bid Round 1 for an Exploration and Production Sharing Agreement at the bid opening ceremony in Tripoli on January 29, 2005. Subject to Libyan National Oil Corporation ("NOC") and government approvals, Verenex expects to have the right to explore for oil and gas in Area 47, a 6,182 square kilometer area in the Ghadames Basin in northwest Libya.

The bid for Area 47 was submitted by Verenex as Operator with a 50% interest and its partner PT Medco Energi Internasional Tbk ("Medco"), which holds the remaining 50% interest. Medco, is an Indonesian based public integrated energy company.

Additional details will follow official NOC notification of the results from the Bid Round 1, which is expected shortly.

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