Canadian explorer Verenex Energy has made its fourth oil find, with the F1-47/02 wildcat well, drilled in Area 47 in Libya’s Ghadames basin.
The F1-47/02 probe was drilled to 10,300 feet and tested at a maximum flow rate of 7215 barrels of oil per day.
The Libyan National Oil Corporation (NOC) has also confirmed the well as an oil discovery, Verenex said.
F1-47/02 lies about 8 kilometres north-east of Verenex’s A1-47/02 oil find and 3.1 kilometres north-west of the A1-NC3A discovery.
An 18 foot interval at a depth of 9842 feet in the Lower Acacus formation was tested and yielded 45 degrees API gravity light sweet crude oil at a maximum measured flow rate, as restricted by test equipment capability, of about 7215 bpd and natural gas at a rate of 6 million cubic feet per day through a 96/64 inch choke at a flowing wellhead pressure of 464 psia.
Verenex boss Jim McFarland said: “F1-47/02 is our fourth consecutive oil discovery and further validates the exciting potential of Area 47.
“The combined maximum test rate of our four announced oil discoveries is in excess of 67,000 bpd which is a solid measure of the outstanding productivity of the Acacus sandstone reservoirs in these wells.
“Three other wells have been cased and will be flow tested by (the end of the year). With this continued exploration success, we are well on our way to
establishing the resource base and well density to support our plans to develop an initial phase of production of up to 50,000 bpd by the end of 2009,” he added.
The F1-47/02 well has been suspended as a potential future producer.