B1-47/02 Well Flow Tested From Three Intervals with Encouraging Results
The Company has flow tested three of five planned intervals in the Lower Acacus and Middle Acacus Formations in its second exploration well B1-47/02 in Area 47. The Company is targeting to complete the testing program by early June and to subsequently deploy the KCA DEUTAG Service Rig 32 to flow test the C1-47/02 well.
Flow test results to-date are encouraging and aggregate flow rates are expected to exceed those achieved in the A1-47/02 well which tested at a maximum measured rate 12,500 barrels of oil per day, as limited by test equipment capability, and a normalized rate of 6,568 barrels of oil per day through a restricted choke size of 32/64ths inch as requested by the Libyan National Oil Company ("NOC").
The Company plans to release aggregate flow test results on the B1-47/02 well at the conclusion of the testing program after review with the NOC.
C1-47/02 Well Cased in Preparation for Flow Testing
The Company completed an extensive logging, coring and formation evaluation program on its third exploration well C1-47/02. Based on positive formation evaluation results, which included capturing 14 down-hole fluid samples and 77 pressure measurements, the well was cased to the final depth of 9,900 feet and the drilling rig released on May 15, 2007. The well found indications of multiple oil-bearing sandstone reservoirs within the Lower Acacus Formation, the primary exploration target, and in the shallower Aouinet Ouenine Formation, a secondary exploration target.
The KCA Deutag Service Rig 32 is expected to begin flow testing of selected zones in early June once the service rig has completed testing at the B1-47/02 well.
The C1-47/02 well was drilled to a depth of 9,900 feet, cored and extensively logged in 47 days. This performance has established a new pacesetter time curve, improving on the 62-day performance achieved in the B1-47/02 well, which was drilled to a depth of 11,030 feet.
D1-47/02 Well Expected to Spud in Late May
The NOC has approved the Company's fourth exploration well D1-47/02 which is expected to spud in late May with ODE Rig 28. The D1-47/02 well is located approximately six kilometers northeast of the B1-47/02 well and will test a separate four-way dip closed structure defined on high quality 2D seismic shot by Verenex in 2006. The primary exploration target is the Lower Acacus Formation. The planned depth is 9,800 feet.
Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya and the Bay of Biscay offshore France. Verenex is the operator and holds a 50% working interest in Area 47 in Libya. Under the EPSA terms for Area 47, Verenex would receive an initial production allocation (free of all taxes and royalties) of 6.85% in any commercial development scheme.
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