Verenex makes oil find in Libya's Ghadames basin

Libya's National Oil Corp. has announced an oil discovery at Verenex Energy Inc.'s exploration well C1-47/02 in the Ghadames basin.

Oct 31st, 2007

Eric Watkins
Senior Correspondent

LOS ANGELES, Oct. 31 -- Libya's National Oil Corp. has announced an oil discovery at Verenex Energy Inc.'s exploration well C1-47/02 in the Ghadames basin.

Verenex said it carried out extended flow tests from a total of 188 ft of perforations in four intervals at depths between 8,447 and 9,434 ft in the Lower Acacus Formation and one interval in the Aouinet Ouenine Formation at 5,890 ft.

At the request of the NOC, Verenex said, flow rates were measured through a small, restrictive choke size of 32/64-in. for their normalization purposes.

It said the choke-restricted rates totaled 8,718 b/d of 40-44 degree oil from the five intervals tested.

Verenex also measured rates restricted by test equipment capability through larger choke sizes ranging from 32/64-in. to 96/64-in., which yielded a combined maximum measured flow of about 23,570 b/d from particular intervals

In September, Verenex said it continued to make "excellent progress" with its exploration program in Area 47 and was on track to achieve its target to spud up to seven wells in 2007.

It said it has drilled five wells since September 2006, is currently drilling a sixth well, and expects to spud a seventh well by early October with its second contracted drilling rig, KCA Deutag Rig T-19.

In July, Verenex and partner PT Medco Energi Internasional of Indonesia made an oil discovery in the Ghadames basin, saying that their A1-47/02 well flowed at a maximum combined rate of 12,500 b/d of oil through a 128/64-in. choke and 6,586 b/d of oil through a 32/64-in. choke (OGJ Online, July 12, 2007).

Contact Eric Watkins at hippalus@yahoo.com.

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