Verenex Underscores Operations at Libya's Area 47


Libya, North Africa
(Click to Enlarge)

Verenex has provided an update on its operations in Libya's Area 47 in the Ghadames Basin. The Company has advised that since the last operational update on November 12, 2008, the I1-47/02 NFW exploration well (well No. 16) was successfully tested, the J1-47/02 NFW exploration well (well No. 17) was drilled and cased and is preparing to test, the K1-47/02 NFW exploration well (well No. 18) was drilled and is currently being cased and the L1-47/02 NFW exploration well (well No. 19) was spudded on January 2, 2009 and is currently
drilling.

I1-47/02 NFW Exploration Well Successfully Flow Tested

The I1-47/02 NFW exploration well (well No. 16) was drilled and cased to a depth of 10,925 feet in the Memouniat Formation. Testing operations utilizing the KCA DEUTAG Service Rig 32 were recently completed in two intervals, including a 44 foot perforated interval in the Memouniat Formation and a 40 foot perforated interval in the Lower Acacus Formation. Test results and confirmation of well status will be released following the normal review by the NOC.

The I1-47/02 well is the first well drilled in the Central 3D seismic survey area in the north-western part of Block 2 south of AGOCO's G1-NC02 oil and gas discovery. The positive results extend both the Lower Acacus and Memouniat play fairways into the north-western part of Block 2.

J1-47/02 NFW Exploration Well Drilled and Cased and Preparing to Test

The J1-47/02 NFW exploration well (well No. 17) was drilled and cased to a depth of 11,420 feet in the Memouniat Formation over a period of 39 days from spud to rig release. The J1 well is located in the southern part of Block 2 approximately 6.0 kilometers northeast of the Company's A1-47/02 oil and gas discovery and 3.0 kilometers west of the F1-47/02 oil and gas discovery.

Extensive formation evaluation results indicated the presence of hydrocarbons in two sand intervals in the Lower Acacus Formation (Basal Sand 1 and Upper Shoreface). In Basal Sand 1, the results indicated a thick oil
column of approximately 66 feet with an underlying water oil contact that is at a different subsea depth than the contacts found in the A1 field and F1 well suggesting that the J1 structure may be isolated. Testing may assist in confirming this interpretation. Basal Sand 1 contains the majority of the contingent resources in the A1 field and in other fields in the southern part of Block 2.

The Company plans to test the J1 well commencing in late January 2009.

K1-47/02 NFW Exploration Well Drilled and Currently Running Casing

The K1-47/02 NFW exploration well (well No. 18) is located in the north-western part of Block 2 approximately 6.3 kilometers south of the I1-47/02 well. The well was drilled to a final depth of 10,965 feet in the Memouniat Formation and is currently being cased.

The well encountered oil shows in the Lower Acacus and very strong gas shows in the Memouniat Formation and in what appears to be a highly fractured zone in the Tanezzuft Basal Hot Shales. This is an encouraging result because the Tanezzuft Hot Shales contain the organic rich source rocks for hydrocarbons in the Lower Acacus and Memouniat Formations and is a potential oil and gas resource play in its own right.

The Company expects to test the K1 well following testing of the J1 well.

L1-47/02 NFW Exploration Well Drilling

The L1-47/02 NFW exploration well (well No. 19) spudded on January 2, 2009 with Ensign Rig No. 28. The L1 well is located approximately 5.0 kilometers southeast of the A1-47/02 oil and gas discovery on a prospect
identified on the new 2008 2D seismic.
 

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