Verenex Issues Update on Libya Well

Verenex Energy Inc. said that its first exploration well in Libya, A1-47/02 in Contract Area 47, has reached intermediate casing depth of 10,300 feet and has found indications of multiple oil-bearing sandstone reservoirs within the Lower Acacus Formation, a primary exploration target for this well, as confirmed by shows during drilling and wireline logging. However, until production testing is completed early in the first quarter of 2007 and producibility is confirmed, these interpretive results are considered preliminary.

Wireline logging results confirmed the top of the Lower Acacus Formation at a depth of 9,010 feet, some 12 feet higher than prognosis, near the crest of a four-way dip closed structure as defined by 3-D seismic. The Lower Acacus top in the A1-47/02 well is approximately 63 feet higher than found in the offset B1-70 well drilled by Shell in 1962 approximately 1.2 kilometers to the northwest, which found hydrocarbons in a flank position on the structure. The B1-70 well was suspended after drilling and was never produced. An extensive formation evaluation program is being carried out in the intermediate wellbore in the A1-47/02 well, which extends from 2,660 feet to 10,300 feet. Wireline logging has been completed over the total interval and additional formation evaluation steps are planned over multiple intervals of interest in the Lower Acacus Formation, which extends from 9,010 feet to 10,062 feet.

Once the formation evaluation program is completed in the Lower Acacus Formation, intermediate casing will be cemented in the well and drilling will resume to a planned final target depth of approximately 11,600 feet to test the potential of the deeper Memouniat Formation. Drilling, coring and logging operations in this formation are expected to be completed in late December 2006.

Based on the logging results in the Lower Acacus Formation, the Company plans to carry out extended production testing of selected zones, once drilling is completed, utilizing a service rig currently under long term contract to Verenex. The Company expects that this planned production testing will be completed early in the first quarter of 2007.

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


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