Verenex Continues to Seek Acquisition Approval from Libya's NOC


Libya, North Africa
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Verenex reports that, as previously announced, the proposed acquisition of Verenex by a wholly-owned subsidiary of CNPC International Ltd.
("CNPCI") is subject to the consent of the Libyan National Oil Corporation (the "NOC") in the form contemplated by the acquisition agreement between Verenex and CNPCI dated February 24, 2009.

A term of the consent is that the NOC waive any pre-emption rights or rights of first refusal which it may have in respect of such acquisition. Verenex has requested this consent from the NOC but no formal decision has yet been communicated to the Company. Verenex understands that the NOC has stated it is considering its alternatives, including an acquisition of Verenex on the same terms as those proposed by CNPCI. Verenex continues to seek consent from the NOC for the acquisition by CNPCI.
 

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