Verenex Energy Announces Oil and Gas Discovery in Libya

Verenex Energy has announced an oil and gas discovery at the G1-47/02 well in Area 47 in the Ghadames Basin in Libya.

The G1-47/02 new field wildcat (NFW) exploration well is located approximately 6.5km northeast of the company’s nearest oil and gas discovery at D1-47/02 in Block-2 and was drilled and cased to a depth of 10,645ft in the Memouniat Formation.

The company carried out extended flow tests on the G1 well from a total of 12ft of perforations in a sandstone interval in the Lower Acacus Formation. The test yielded a maximum measured flow rate, as restricted by test equipment capability, of approximately 4,167 barrels of oil per day of light sweet crude oil and two million cubic feet per day of natural gas.