Verenex Energy Makes Another Discovery in Libya

Verenex Energy Inc. confirms 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...more...