Verenex Commences Drilling in Libya

Libya Block 47
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Verenex Energy's subsidiary, Verenex Energy Area 47 Libya Limited, has commenced drilling the Company's first exploration well in Libya, named A1-47/02, located in the southern part of Area 47. The well is being drilled by ODE Rig No.28 which is under a long term contract to Verenex.

The A1-47/02 well qualifies as the first of three commitment wells under the Exploration and Production Sharing Agreement for Area 47. It will test the crest of a structure defined with 3-D seismic shot by Verenex in the first quarter of 2006. It offsets a well (B1-70) drilled by Shell in 1962 approximately 1.2 kilometres to the northwest that found hydrocarbons in a flank position on the structure. The well will be drilled to a depth of approximately 11,600 feet. Estimated time to drill, core and log the well is approximately 90 days.

If the drilling results are successful, the Company intends to complete and production test the well utilizing a service rig operated by I.L.I. Corporation, a subsidiary of KCA DEUTAG Drilling GmbH, which is under a long term contract to Verenex.

"We are extremely excited about spudding our first well in Libya which is a significant milestone for the Company" stated Jim McFarland, President and CEO of Verenex. "Our drilling program, aimed at testing a large inventory of more than 30 prospects and leads in Area 47, is now firmly underway."

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in Libya and the Bay of Biscay offshore France.


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