Verenex confirms oil discovery in Libya

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, has confirmed an oil discovery at A1-47/04 in Area 47 in the Ghadames Basin in Libya.

The A1-47/04 new field wildcat exploration well, which is located approximately 28 kilometres north of the company’s nearest oil discovery at D1-47/02 in Block 2, was drilled and cased to a depth of 10,400 feet in the Memouniat Formation.

Verenex carried out extended flow tests on the A1 well from a total of 85 feet of perforations in two sandstone intervals, including a 39 foot interval in the Memouniat Formation and a 46 foot interval in the Lower Acacus Formation.

These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 6,603 bopd (gross) of light sweet crude oil and 8.6 mmcf/day (gross) of natural gas through choke sizes on particular intervals ranging from 44/64ths to 96/64ths inch. Measured API gravity of the crude oil ranged from 39 to 49 degrees.