Verenex Energy Inc. – Libya drilling and well testing updateadmin
Verenex Energy Inc. is pleased to announce that the Company’s second exploration well in Libya, B1-47/02 in Area 47, has commenced drilling. The well is expected to be drilled to a depth of approximately 11,400 feet and qualifies as the second of three minimum commitment wells under the Exploration and Production Sharing Contract for Area 47. Estimated time to drill and log the well is approximately 85 days.
The Company has also commenced completion and production testing operations at its first exploration well in Libya, A1-47/02. Estimated time to complete the testing program is up to 70 days. The Company intends to release results at the conclusion of testing.
Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in Libya and the Bay of Biscay offshore France.
This press release contains forward-looking statements, including but not limited to operational information. Operational projections are based on current expectations and are subject to a number of risks and uncertainties that could materially affect the results. These risks include, but are not limited to: financing risks; geological risks; drilling risks; risks associated with obtaining regulatory approvals; oil and gas industry operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchange rate fluctuations; the uncertainty associated with negotiating with foreign governments; and, the risk associated with international activity. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company’s securities should not place undue reliance on these forward-looking statements.
For further information
Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009
or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005
Source: Verenex Energy Inc.