Verenex reports fifth discovery in Libya

Verenex Energy confirms its fifth oil discovery D1-47/02 in Area 47 in the Ghadames Basin in Libya. The D1-47/02 new field wildcat exploration well was drilled to a depth of 9,720 feet with the Ensign Rig 28 and was tested at a maximum flow rate of 7,742 barrels of oil per day (”bopd”) (gross) confirming its status as an oil discovery. The Libyan National Oil Corporation has also confirmed the well as an oil discovery.

Verenex has successfully completed flow tests at its new field wildcat exploration well D1-47/02 utilizing the KCA DEUTAG Service Rig 32. The well is located 5.3 kilometers northeast of the nearest well B1-47/02, the Company’s second announced oil discovery, and was drilled and cased to a depth of 9,720 feet.

The Company carried out extended flow tests from a total of 157 feet of perforations in two intervals in the Lower Acacus Formation at depths between 8,240 and 9,372 feet and one interval in the Middle Acacus Formation at a depth of 8,080 feet. These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 7,742 bopd (gross) of light sweet crude oil and 13.7 million cubic feet per day (”mmcf/day”) (gross) of natural gas through choke sizes on particular intervals ranging from 32/64ths to 80/64ths inch. Measured API gravity of the crude oil ranged from 32 to 59 degrees.

At the request of the NOC and consistent with earlier well test protocols, flow rates at the D1-47/02 well were also measured through a smaller and more restrictive choke size of 32/64ths inch. The choke-restricted oil and gas rates were 3,845 bopd and 12.0 mmcf/day, respectively.