Verenex says Libyan discovery final test flows 12,500 BPD

Canadian firm Verenex Energy Inc. announced on Wednesday that final flow test results on its first oil discovery well in Libya flowed 12,500 Barrels of Oil per Day

The company said extended flow testing and analysis on three intervals in the Lower Acacus Formation yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 12,500 barrels of oil per day (gross) from 174 feet of perforations through choke sizes on particular intervals ranging from 40/64ths to 128/64ths inch.

The well has been suspended as a potential future oil production well.

The A1-47/02 well in Area 47 in the Ghadames Basin was announced by the company and the Libyan National Oil Corporation as an oil discovery on February 6, 2007. At the time of the announcement, only one flow test of 5,172 barrels of oil per day (gross) through a 48/64ths inch choke had been completed on the first perforated interval in the Lower Acacus Formation.

President and CEO Jim McFarland, President and CEO said the successfull light sweet crude oil discovery on our first well prompts Verenex to plan to drill up to six wells in the area in 2007.

Verenex is the block opertor with 50 percent working interest. The remaining interest in the block is held by JSX-listed oil and gas firm PT.Medco Energi Internasional Tbk.(alex)