Verenex makes Libyan oil discovery

30 July 2008

Canadian oil firm Verenex Energy has made a new oil discovery in its A47 exploration and production concession in the Ghadames basin, about 250km southwest of Tripoli.

An initial production test showed a flow rate of 1,400 barrels a day (b/d) from the Al-Momnyat formation and 1,535 b/d from the lower Acacus formation.

It is the latest of several finds for Verenex, which won exploration and development rights on the block along with Indonesia's Medco Energi Internasional in 2005.

It has so far drilled six exploration and two appraisal wells, with encouraging results. The company says the eight wells have produced a combined total of more than 75,000 barrels of oil equivalent a day, indicating a potentially large discovery.

The company says the next step will be to apply to Tripoli’s National Oil Corporation (NOC) for the development of an early production facility at the field (MEED 5:3:08).

Verenex and Medco share a 13.7 per cent interest in the concession, with the remainder held by NOC.

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