Verenex reveals fourth oil find in Ghadames Basin

04 December 2007
Canada-based Verenex Energy has confirmed a fourth consecutive oil discovery on its area 47 acreage in the Ghadames Basin, following further drilling over the past six months.

Tests from the F1-47/02 well yielded a combined flow of 7,215 barrels a day (b/d) of crude oil, giving the company total output of 67,000 b/d from its first four wells. Verenex, the operator of Area 47, has recently finished flow testing of a fifth well and expects to complete a further two wells by the end of 2007. Verenex holds the block with Indonesia’s Medco Energi Internasional under a 50:50 joint venture exploration agreement signed with state-owned National Oil Company in March 2005 (MEED 27:4:07).

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