Libya joy: for Canada's Verenex Energy
Verenex strikes Libya pay
Calgary-based Verenex Energy has confirmed a new oil and gas find in Libya, flowing about 1315 barrels of crude and 16.2 million cubic feet per day of natural gas from an exploration well in Area 47 on Block 2 in the onshore Ghadames basin, it said today.
Verenex said it had carried out several flow tests on the well from three perforated sections, including a 73-foot interval in the Memouniat formation and two intervals over a total of 82 feet in the overlying Lower Acacus formation.
The tests were run through a series of choke sizes, with flows being restricted by the available equipment.
The well, H1-47/02 NFW, is Verenex’s 10th discovery on Area 47 since it started drilling in September 2006. It was sunk to total depth of 10,475 feet in the Memouniat formation.
The company has also drilled two appraisals in Area 47.
Verenex said it believed the flows from the Lower Acacus intervals did not represent the true capacity of reservoirs in these levels as water had flowed into the formation from an underlying zone due to a poor cement job.
It said the well extended both the Acacus and Memouniat formation fairways in Block 2.