Verenex finds more oil in Libya's Ghadames basin

Libya's state-owned National Oil Co. said Verenex Energy Inc. has made a seventh oil discovery on production-sharing contract Area 47 in Libya's Ghadames basin.

Eric Watkins
Oil Diplomacy Editor

LOS ANGELES, Sept. 29 -- Libya's state-owned National Oil Co. said Verenex Energy Inc. has made a seventh oil discovery on production-sharing contract Area 47 in Libya's Ghadames basin.

The discovery, in the Lower Acacus and Memouniat formations, is Verenex's second on Block 4 in the northern part of Area 47 and is the eighth consecutive oil and gas discovery since drilling began in September 2006.

Exploration well C1-47/04, about 150 km southwest of Tripoli, was drilled and cased to a depth of 10,155 ft in the Memouniat Formation. The operator carried out extended flow tests on the well from 48 ft of perforations in two sandstone intervals. They included a 28-ft interval in the Memouniat Formation, starting at 9,962 ft, which flowed 900 b/d of 56° oil and 4.2 MMcfd of gas and a 20-ft interval in the Lower Acacus Formation, starting at 7,819 ft, which flowed 150 b/d of 55° oil and 4.5 MMcfd of gas, all through a 32/64 choke.

The tests yielded a combined maximum measured flow rate—restricted by test equipment capability—of 1,350 b/d (gross) of oil and 10.3 MMcfd (gross) of gas through 32/64-56/64 in. chokes, Verenex said.

C1-47/04 (well No. 13) lies 14 km northwest of Verenex's nearest oil and gas discovery at A1-47/04 on Block 4.

According to Verenex, eight new field wildcat exploration wells and two appraisal wells in the area have tested at a maximum aggregate rate of 93,800 b/d and have been suspended as potential future oil and gas production wells.

The latest find is the seventh in Area 47, in which Verenex and partner PT Medco Energi Internasional share a 13.7% interest. NOC holds the remaining 86.3%.

Contact Eric Watkins at hippalus@yahoo.com.

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