Verenex updates Libya operations

Verenex Energy Inc., a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya, provides an update of its operational activities in Libya.

The Company remains on track to drill 11 to 12 exploration wells in Area 47 in 2008 utilising two drilling rigs under long term contracts, which would increase the number of wells drilled by Verenex to 19 to 20 by year end 2008. Verenex is the operator and holds a 50% working interest in Area 47 in Libya.

Flow testing of the A1-47/04 well, the Company’s first NFW exploration well in Block 4, was recently successfully completed and detailed results will be released following review and approval by the Libya National Oil Corporation (NOC).

This is a significant result and confirms the potential of a new Lower Acacus play fairway in the northern part of Area 47 and provides the first positive results in the deeper Memouniat Formation. Flow testing is currently underway on the A4-47/02 appraisal well.