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Verenex announces final flow test results at its first oil discovery in Libya

Source: www.gulfoilandgas.com 4/25/2007, Location: Africa

The Company has completed extended flow testing and analysis at its first light sweet crude oil discovery well in Libya, A1-47/02 in Area 47 in the Ghadames Basin, which was announced by the Company and the Libyan National Oil Corporation ("NOC") 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.

Extended flow tests and pressure build-up analyses were ultimately completed on three intervals in the Lower Acacus Formation. These tests 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.

"We are very pleased with the results from the flow testing program at the A1-47/02 well, confirming it as an outstanding oil well and providing important reservoir parameters and fluid properties for resource assessments and future development planning," said Jim McFarland, President and CEO of Verenex Energy Inc. "A successful light sweet crude oil discovery on our first well is an excellent result for Libya and a great start to our exploration drilling program in Area 47. The initial success at A1-47/02 reinforces our strategy to ramp-up to two drilling rigs in the third quarter and drill up to six wells in 2007. Beyond 2007, we have considerable running-room for our exploration and appraisal drilling program with more than 45 prospects and leads identified to date in Area 47," he said.

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