Verenex Confirms Fifth Oil Discovery In Libya

Verenex Energy Inc. is pleased to confirm its fifth oil discovery D1-47/02 in Area 47 in the Ghadames Basin in Libya. The D1-47/02 new field wildcat exploration well was drilled to a depth of 9,720 feet with the Ensign Rig 28 and was tested at a maximum flow rate of 7,742 barrels of oil per day (‘bopd’) (gross) confirming its status as an oil discovery. The Libyan National Oil Corporation (‘NOC’) has also confirmed the well as an oil discovery.