Verenex Gets Approval to Drill Orca Well

Verenex Energy and its partners Vermilion Energy Trust and Bordeaux Energy Inc. says that the French authorities have approved an extension of the drilling period to September 30, 2007 and issued a drilling permit for the Orca well, subject to amendment of the permit for the agreed extension period. Vermilion is targeting to spud the well in late August 2007 and to complete drilling in September within the drilling window that has been agreed with the French authorities. The French military has a missile testing range in the area of the exploration permit and, as a result, completion of drilling operations must occur within the available window. The timing of the drilling operations within the available window would be tight if there is a delay in the release of the semi-submersible drilling rig from the well it is currently drilling in the North Sea.

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya and the Bay of Biscay offshore France.