Verenex says Libyan well testing ?encouraging?

Canadian oil firm Verenex Energy Inc. announced Thursday that testing continues at its first exploration well in Libya, A1-47/02 in Area 47 in the Ghadames Basin.

The company expects that the extensive testing program could continue into mid-March, it said.

Interim testing results on one of several intervals to be tested are under review by the company and Libyan regulatory authorities, and on a preliminary basis, are encouraging, it said.

Verenex operates and holds a 50% interest in the exploration and production sharing agreement for Area 47 with JSX-listed oil and gas firm Medco Energi holding the balance.(alex)