VEX produces approximately 65 barrels of oil per day (net) from the two wells, has the right to drill an additional well on the Parentis Permit and holds a participating interest in 46,481 acres (net) of land in the Marvilliers Permit.
VEX will retain its current 50% participating interest in the offshore Aquitaine Maritime exploration permit in the Bay of Biscay and participating interests ranging from 31.67% to 95% in three other onshore exploration permits in the Paris Basin.
The transaction is subject to the parties entering into a definitive sale and purchase agreement which is subject to all conditions precedent, including the receipt of all necessary regulatory approvals.
"The sale of these small producing assets will provide cash to redeploy to high impact exploration activities in Libya and offshore France", said Jim McFarland, President and CEO. "The transaction is timely since our capital investment program is ramping-up with the start of our exploration drilling program in Libya at the end of September 2006."
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.
Most Popular Articles
From the Career Center
Jobs that may interest you