Verenex, NOC Strike Oil, Gas in Libya's Ghadames Basin


Ghadames Basin, Libya
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Verenex Energy Inc. has confirmed an oil and gas discovery at C1-47/04 in Area 47 in the Ghadames Basin in Libya. This discovery in the Lower Acacus and Memouniat Formations is the Company's second in Block 4 in
the northern part of Area 47 and is the eighth consecutive oil and gas discovery since drilling began in September 2006. The Libyan National Oil Corporation ("NOC") has also announced this discovery.

The C1-47/04 new field wildcat ("NFW") exploration well (well No. 13) is located approximately 14 kilometres northwest of the Company's nearest oil and gas discovery at A1-47/04 in Block 4 and was drilled and cased to a depth of 10,155 feet in the Memouniat Formation. The Company carried out extended flow tests on the C1 well from a total of 48 feet of perforations in two sandstone intervals, including a 28 foot interval in the Memouniat Formation and a 20 foot interval in the Lower Acacus Formation.

These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of
approximately 1,350 bopd (gross) of light sweet crude oil and 10.3 mmcf/day (gross) of natural gas through choke sizes on particular intervals ranging from 32/64ths to 56/64ths inch. Measured API gravity of the crude oil ranged from 55 to 56 degrees.

At the request of the NOC, and consistent with earlier test protocols, flow rates were also measured through the smaller more restrictive choke size of 32/64ths inch which yielded combined oil and gas flow rates of 1,050 bopd and 8.7 mmcf/day, respectively, from the two intervals.

To-date, eight NFW exploration wells and two appraisal wells have tested at a maximum aggregate rate of approximately 93,800 bopd and have been suspended as potential future oil and gas production wells.

 

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