August 10, 2009 / 10:08 PM / in 8 years

UPDATE 1-Verenex says still in talks with Libya for sale of co

* Q2 loss/shr C$0.03 from cont ops vs C$0.06 yr ago

* Working capital surplus falls 78 pct

Aug 10 (Reuters) - Canada’s Verenex Energy Inc VNX.TO posted a narrower quarterly loss, and said it continued to seek consent from Libyan authorities for the sale of the company.

In June, Verenex said that Libyan authorities had not yet approved the C$499 million sale of the company to China National Petroleum Corp (CNPC) [CNPET.UL], putting the deal at risk. [ID:nN22193989]

For the second quarter, the company reported a net loss of C$1.4 million from continuing operations, or 3 Canadian cents a share, compared with a loss of C$2.6 million, or 6 Canadian cents a share, a year earlier.

The oil and gas exploration and production company, with a portfolio in the Ghademas Basin in Libya, said its working capital surplus declined 78 percent to C$13.4 million in the second quarter.

The company said it has sufficient cash reserves to fund its ongoing expenditures.

Verenex shares closed at C$6.66 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Deepak Kannan)

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