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Market: TSX
Sector: Oil & Gas Exploration & Production
EPIC: VNX
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Verenex Energy
www.verenexenergy.com

Verenex Energy is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya.

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Verenex Energy discovers oil and gas at Libya’s H1-47/02 well

12th Jan 2009, 12:00 am

Verenex Energy Inc announced an oil and gas discovery at the H1-47/02 new field wildcat exploration well in Area 47 in the Ghadames Basin in Libya. The H1 discovery is the Company's tenth oil and gas discovery in Area 47 since drilling began in September 2006.


The company said that since the last operational update in mid-November, the I1-47/02 NFW exploration well was successfully tested, the J1-47/02 NFW exploration well was drilled and cased and is preparing to test, the K1-47/02 NFW exploration well was drilled and is currently being cased and the L1-47/02 NFW exploration well was spudded on January 2, 2009 and is currently drilling.


Tests at the H1-47/02 exploration well yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 1,315 barrels of oil per day of light sweet crude oil and 16.2 million cubic feet of gas per day of natural gas.


The H1-47/02 well has extended the area of the Memouniat play fairway such that it is now considered a primary exploration target together with the Lower Acacus.


The company plans to test the J1 well commencing in late January 2009 and is expecting to test the K1 well after J1.

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