Verenex Confirms Oil Discovery in Libya

Verenex Energy Inc. has confirmed an oil discovery at A1-47/04 in Area 47 in the Ghadames Basin in Libya. This discovery is the Company’s first in Block 4 and is a significant result, confirming the potential of a new Lower Acacus play fairway in the northern part of Area 47 and providing the first positive results in the deeper Memouniat Formation. The Libyan National Oil Corporation (“NOC”) has also announced this discovery.

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