On 3 rd December 2007, NOC announced that the Canadian Company Verenex Energy, has made a new oil discovery in the well F1-47/02 in Ghadames Basin , which is approximately 180 km south west of Tripoli .

The daily average production upon test reached 2,527 barrels of oil per day and 2.41 mmcfg of gas through a choke of 32/64 inches, at a gravity of 45 API from the Lower Acacus Formation at a depth of 9842-9865 feet.

Verenex Energy and its partner MEDCO hold together a 13.7% interest (50% each Company) under an EPSA 4 Agreement signed with NOC, which holds an 86.3% interest under the said Agreement.

[NOC Libya ]