Verenex Confirms Fifth Oil Discovery in Libya

Verenex Energy confirms its fifth oil discovery D1-47/02 in Area 47 in the Ghadames Basin in Libya. The D1-47/02 new field wildcat exploration well was drilled to a depth of 9,720 feet with the Ensign Rig 28 and was tested at a maximum flow rate of 7,742 barrels of oil per day ("bopd") (gross) confirming its status as an oil discovery. The Libyan National Oil Corporation has also confirmed the well as an oil discovery.

D1-47/02 New Field Wildcat Oil Discovery Confirmed

Verenex has successfully completed flow tests at its new field wildcat exploration well D1-47/02 utilizing the KCA DEUTAG Service Rig 32. The well is located 5.3 kilometers northeast of the nearest well B1-47/02, the Company's second announced oil discovery, and was drilled and cased to a depth of 9,720 feet. The Company carried out extended flow tests from a total of 157 feet of perforations in two intervals in the Lower Acacus Formation at depths between 8,240 and 9,372 feet and one interval in the Middle Acacus Formation at a depth of 8,080 feet. These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 7,742 bopd (gross) of light sweet crude oil and 13.7 million cubic feet per day ("mmcf/day") (gross) of natural gas through choke sizes on particular intervals ranging from 32/64ths to 80/64ths inch. Measured API gravity of the crude oil ranged from 32 to 59 degrees.

At the request of the NOC and consistent with earlier well test protocols, flow rates at the D1-47/02 well were also measured through a smaller and more restrictive choke size of 32/64ths inch. The choke-restricted oil and gas rates were 3,845 bopd and 12.0 mmcf/day, respectively.

D1-47/02 Flow Test Rates at 32/64ths Inch Choke Size

    Depth at Top            Restricted                       Flowing    Oil
         of      Perforated   Choke                         Wellhead  Gravity
    Perforations  Interval    Size     Oil Rate    Gas Rate Pressure (degrees
        (feet)      (feet)   (inches)    (bopd)   (mmcf/day)  (psia)    API)
        9,280        92      32/64ths    1,320       11.1     2,409      59
        8,240        55      32/64ths    1,950        0.8       687      41
        8,080        10      32/64ths      575        0.1       134      32
"We are now seven for seven with our exploration drilling program in terms of wells drilled and cased and we have fully flow tested five of these wells. The remaining two drilled wells will be tested by the end of the year. The results from the D1-47/02 oil discovery brings our combined maximum measured test rate on announced oil discoveries to 75,000 bopd (gross)", said Jim McFarland, President and CEO of Verenex. "We continue to exceed expectations and believe the best is yet to come", he said.

The D1-47/02 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.

Preliminary Appraisal Report for D1-47/02 Oil Discovery Completed

The Company has submitted a Preliminary Appraisal Report for the D1-47/02 oil discovery to the Area 47 Management Committee and the NOC. This is the fourth preliminary appraisal report submitted by Verenex. Discussions are underway with the NOC concerning a potential appraisal well offsetting the D1-47/02 oil discovery.


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