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Centurion activities in Egypt in 2004

Source: www.oilegypt.com 3/25/2005, Location: Africa

Five wells were drilled on Centurion's Development Leases in Egypt's Nile Delta in 2004 with 100% success. Following the drilling successes in the El Wastani and South El Manzala Development Leases, the company negotiated an increase in the existing gas purchase agreements with the Egyptian Gas Company from 47 mmscf/day to 250 mmscf/day. Centurion subsequently mobilized two rigs to start an active drilling program and initiated the construction of a 100% owned gas processing plant, and the twinning of its South El Manzala gas pipeline to expedite delivery of gas at the 250 mmscf/day production level and to increase the amount of associated liquids that can be recovered for Centurion's account and sold at market prices in conjunction with the gas sales.

2004 also saw Centurion continue its focus on Egyptian exploration based on the level of success achieved in the Nile Delta to date. In early 2004, Centurion and its 25% partner were the successful bidders on two new exploration blocks, West Manzala and West Qantara, encompassing 800,000 acres which surround Centurion's existing Development Leases. Centurion already has substantial 2D seismic data on the new concessions, but recently commenced a 2,000 square kilometer 3D seismic program to update and further define the drilling targets, and expects an active drilling program in the Nile Delta for several years.

As part of the shift in focus to higher impact exploration and development in Egypt, Centurion has entered into a conditional agreement to sell its current producing assets in Tunisia subsequent to year end for $41.2 million plus working capital adjustments. Cash flow from the company's Tunisian operations has provided a basis for the growth in assets and production, however the mature assets and the related overhead are no longer considered core to Centurion's future growth. The company drilled four wells in Tunisia during 2004 resulting in one producing oil well. The company still sees exploration upside in Tunisia and has retained its interest in the Mellita Permit in Tunisia, which is farmed out to PetroCanada, and has retained the right to participate in any drilling carried out on the Ezzaouia and El Biban Concessions to test potential Triassic reservoirs. Proceeds received from the sale will be used to fund exploration and development activities in Egypt and for other higher impact foreign opportunities.


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