Verenex confirms oil and gas discovery in Libya at G1-47/02 well

Tuesday, Oct 14, 2008

CALGARY, Oct. 13 /CNW/ - Verenex Energy Inc. ("Verenex" or the "Company") (TSX - VNX) is pleased to confirm an oil and gas discovery at G1-47/02 in Area 47 in the Ghadames Basin in Libya. This discovery is the Company's seventh in Block 2 in the southern part of Area 47 and is the ninth announced oil and gas discovery in Area 47 since drilling began in September 2006. The Libyan National Oil Corporation ("NOC") has also announced this discovery.
The G1-47/02 new field wildcat ("NFW") exploration well (well No. 14) is
located approximately 6.5 kilometres northeast of the Company's nearest oil and gas discovery at D1-47/02 in Block 2 and was drilled and cased to a depth of 10,645 feet in the Memouniat Formation. The Company carried out extended flow tests on the G1 well from a total of 12 feet of perforations in a sandstone interval in the Lower Acacus Formation. The test yielded a maximum measured flow rate, as restricted by test equipment capability, of approximately 4,167 bopd (gross) of light sweet crude oil and 2.0 mmcf/day (gross) of natural gas through a 64/64ths inch choke size. Measured API gravity of the crude oil was 41 degrees.
At the request of the NOC, and consistent with earlier test protocols,
the flow rate was also measured through the smaller more restrictive choke size of 32/64ths inch which yielded oil and gas flow rates of 1,739 bopd and 1.0 mmcf/day, respectively, as shown below.

Click here for full press release

Source: Verenex Energy