Verenex Confirms Libyan Oil Discovery

Ghadames Basin, Libya
(Click to Enlarge)
Verenex Energy Inc. on Tuesday released additional information on interim production testing results at its first exploration well in Libya, A1-47/02 in Area 47 in the Ghadames Basin, confirming its status as an oil discovery. The Libyan National Oil Corporation has announced the well to be the first discovery on exploration blocks awarded at the first international bid round in January 2005.

The Company has completed the testing of an 82-foot interval at the base of the Lower Acacus Formation, the primary exploration target in this well, at a depth of approximately 9,980 feet and has achieved significant oil rates. The well was initially flowed over a three-hour period at rates up to 5,172 barrels of oil per day through a 3/4-inch choke at a wellhead pressure of 1,221 pounds per square inch. An associated gas rate of 6.7 million cubic feet per day was also achieved during this test. The oil discovered in this interval is light sweet crude with a measured API gravity of approximately 46.5 degrees.

Testing is underway on up to three additional intervals in the Lower Acacus Formation. The Company anticipates that this testing program could extend into mid-March.

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in Libya, where it operates and holds a 50% interest in the exploration and production sharing agreement for Area 47, and the Bay of Biscay offshore France.


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