Verenex Makes Second Discovery in Libya

07-26-2007

The National Oil Corporation of Libya reports that, Verenex, a party with NOC in an EPSA Agreement through the first Public Bid Round, (NOC share: 86.3% - Verenex share: 13.7%), has made a second oil discovery with the wildcat well (B1-47/2) in Area 47 in the Ghadames Basin, around 600 kms south of Tripoli.

The well was tested in five formations containing crude oil and the average daily production upon testing reached 2414 barrels on a 1/2" choke from the lower AKAKUS formation, which is at a depth of between 1128 feet and 9500 feet – 8400.

More delineation testing wells will have to be drilled in order to determine the overall reserves, as well as the recoverable reserves.