while we are waiting...
Verenex Energy strikes oil at C1-47/02, flow tests
2007-10-25 14:39 ET - News Release
Mr. Jim McFarland reports
VERENEX ANNOUNCES FINAL FLOW TEST RESULTS AT ITS THIRD OIL DISCOVERY IN LIBYA
Verenex Energy Inc. is releasing final flow-test results on its third oil discovery well in Libya.
C1-47/02 flow testing
On Oct. 25, 2007, the Libyan National Oil Corp. officially announced that the company's third new field wildcat exploration well C1-47/02 is an oil discovery. The company carried out extended flow tests from a total of 188 feet of perforations in four intervals in the Lower Acacus formation at depths between 8,447 and 9,434 feet and one interval in the Aouinet Ouenine formation at a depth of 5,890 feet. At the request of the NOC, flow rates were measured through a small, restrictive choke size of 32/64-inch for their normalization purposes. These choke-restricted rates totalled 8,718 barrels of oil per day (gross) from the five intervals tested. Measured API gravity of the crude oil ranged from 40 to 44 degrees.
C1-47/02 FLOW TEST RATES AT 32/64-INCH CHOKE SIZE Depth at Restricted Flowing Oil top of Perforated choke wellhead gravityperforations interval size Oil rate Gas rate pressure (degrees (feet) (feet) (inches) (bbl/d) (mmcf/d) (psia) API) 9,434 38 32/64ths 1,968 1.33 860 41 9,197 47 32/64ths 2,574 1.46 998 40 9,049 51 32/64ths 1,643 0.76 682 40 8,447 24 32/64ths 1,891 0.59 589 43 5,890 28 32/64ths 642 0.10 140 44
The company also measured rates at larger choke sizes. These tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 23,570 barrels of oil per day (gross) through choke sizes on particular intervals ranging from 32/64- to 96/64-inch.
"C1-47/02 is another outstanding well and our third straight high producibility, light sweet crude oil discovery in Area 47," said Jim McFarland, president and chief executive officer of Verenex Energy. "Two additional exploration wells have been drilled and cased and flow testing should be completed in November," he said.
The well has been suspended as a potential future oil production well. The maximum combined measured flow test rates described above are not necessarily indicative of the ultimate production rate and may be lower in any commercial development, which will be determined from reservoir engineering studies that constitute part of the appraisal and development planning activities currently under way.
We seek Safe Harbor.
