C1-47/02 Flow Testing
On October 25, 2007, the Libyan National Oil Corporation ("NOC") officially announced that the Company's third new field wildcat exploration well C1-47/02 is an oil discovery. The Company carried out extended flow tests from a total of 188 feet of perforations in four intervals in the Lower Acacus Formation at depths between 8,447 and 9,434 feet and one interval in the Aouinet Ouenine Formation at a depth of 5,890 feet. At the request of the NOC, flow rates were measured through a small, restrictive choke size of 32/64ths inch for their normalization purposes. These choke-restricted rates totaled 8,718 barrels of oil per day ("bopd") (gross) from the five intervals tested. Measured API gravity of the crude oil ranged from 40 to 44 degrees.
The Company also measured rates at larger choke sizes. These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 23,570 bopd (gross) through choke sizes on particular intervals ranging from 32/64ths to 96/64ths inch.
"C1-47/02 is another outstanding well and our third straight high producibility, light sweet crude oil discovery in Area 47", said Jim McFarland, President and CEO of Verenex Energy Inc. "Two additional exploration wells have been drilled and cased and flow testing should be completed in November", he said.
The well has been suspended as a potential future oil production well.
The maximum combined measured flow test rates described above are not necessarily indicative of the ultimate production rate and may be lower in any commercial development, which will be determined from reservoir engineering studies that constitute part of the appraisal and development planning activities currently underway.
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