September 29, 2008 / 11:42 AM / 10 years ago

Verenex makes oil find in Libya's Ghadames Basin

TRIPOLI, Sept 29 (Reuters) - Canadian energy company Verenex VNX.TO made a new oil discovery in the Ghadames Basin in Libya, the north African country’s National Oil Corporation (NOC) said on Monday.

The find was made in wildcat exploration well C1-47/04, 150 kilometres (93 miles) southwest of the Libyan capital Tripoli, NOC said in a statement on its Web site.

The flow was through a choke size of 32/64ths of an inch, with oil flowing at 900 barrels per day from a depth of 9,962 feet and 150 barrels per day from 7,819 feet.

Gas flowed at a rate of 4.20 and 4.50 million cubic feet per day respectively at those depths, NOC added.

Verenex won a permit to explore the area in partnership with NOC at an international oil exploration bid round in 2005.

The latest find was the seventh in contact area 47, in which Verenex and partner PT Medco Energi Internasional (MEDC.JK) share a 13.7 percent interest in a production sharing agreement with NOC, which holds the rest, the Libyan company said. (Writing by Tom Pfeiffer)

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