Libyan explorer Verenex exploring options

Verenex Energy in partnership with Medco International Ventures on several large discoveries in Libya's Ghadames basin, said the Verenex board is exploring alternatives to maximize shareholder value.

By OGJ editors
HOUSTON, Sept. 10 -- Verenex Energy Inc., Calgary, in partnership with Medco International Ventures Ltd. on several large discoveries in Libya's Ghadames basin, said the Verenex board is exploring alternatives to maximize shareholder value.

With the intent of filing a commerciality application on Area 47 with Libyan authorities by the end of the third quarter of 2008, Verenex retained financial advisors to assess a range of strategic options.

Verenex said Area 47 exploration and appraisal is proceeding with two drilling rigs and tenders are under review for a third rig. It said there is no assurance that the strategic review process will result in any change in the company's current plan to aggressively explore and develop the block.

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