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Centurion Updates Activities In Egypt

Source: 7/28/2005, Location: Africa

Egypt's production reaches a new record high of 25,320 boepd (24,000 boepd on June 28).

The Gelgel-7 Development well reached total depth of 1,121 meters while encountering 14 meters of gross pay in the Wastani formation. The well was completed and tested 9.5 mmscfpd and is being tied in. This well is expected to commence production by August 1, 2005.In the West Gharib Concession, the operator reports that the recently drilled Hoshia-1 exploration well is continuing to produce at 700 bopd. The Hoshia-2 well is being completed and drilling operations are ongoing at Hoshia-3. West Hoshia-2 and 3 locations have been selected and site preparation work is ongoing.

Mr. Said Arrata states, "We are pleased with the continuing success that we are having with our Egyptian development drilling program. We have now drilled ten wells in the 2004/2005 drilling program with 100% success. Our business plans in Egypt are progressing well and we are confident that we will meet our year-end target production level of 45,000 boepd."

El Wastani Production Lease

The ECDC#2 drilling rig has returned to Centurion after a one well commitment to another operator in the area. ECDC#2 is rigging up and is preparing to spud the El Wastani-5 development well on July 25, 2005. The EW-5 development well will be drilled to a planned total depth of 3,200 meters targeting the Abu Madi and Qawasim Formations. Drilling operations are expected to take approximately 35 days.Centurion has contracted Precision drilling rig #147 to expedite the El Wastani drilling operations. This rig is being mobilized from the Middle East and is expected to be in Egypt early in September. This rig will focus on drilling El Wastani wells for the remainder of 2005 and will then transfer to the West Manzala and West Qantara exploration concessions to commence exploratory drilling. The current production from the El Wastani Production Lease is 77 mmscfpd of gas and 4,045 bpd of condensate and natural gas liquids (16,878 boepd).

South El Manzala Production Lease

Testing of Gelgel-7 is now complete. The well tested at a rate of 9.5 mmscfpd from the lower of two pay sections encountered totaling a gross pay interval of 14 meters in the main Wastani Formation. Only the lower of two sections encountered was tested for completion as the upper pay already produces in the field. The well is currently being tied-in and is expected to commence production by August 1, 2005. The South El Manzala Facilities Upgrade and Pipeline Twinning Project is also progressing with completion expected in August. The current production from the South El Manzala Production Lease is 46 mmscfpd (7,665 boepd).

Abu Monkar #3 Exploration Well

A new location has been prepared to drill the Abu Monkar #3 Exploration Well. The well will be spudded once the newly contracted ECDC #6 rig becomes available.

West Manzala and West Qantara Blocks

The 3D seismic acquisition program is well underway with 40% of the 2,000 square kilometer program completed. Early results of the processing and interpretation are very encouraging and 10 - 15 wells per year have been planned for the 2006-2007 drilling program.

West Gharib Permit

The operator has recently presented an aggressive development program for the West Gharib Concession to fully exploit the new discoveries in Hoshia, West Hoshia and Fadl fields. The recently drilled Hoshia-1 exploration well continues to produce at 700 bopd from the Rudeis Formation. The Hoshia-2 appraisal well is currently being completed in an updip position from Hoshia-1 and has encountered encouraging hydrocarbon shows in the Rudeis and the deeper Raha and Nubia Formations. Drilling has commenced at Hoshia-3 and is currently at a depth of 500 meters.

The Fadl-1 exploratory well was initially tested at 250 bopd and the West Hoshia-1 well at 300 bopd. Production equipment is currently being installed at Fadl-1 and West Hoshia-1.
The Hana Field continues to have stable production currently producing at 1,945 bopd. The operator is proposing to drill 12 exploratory and development wells on that permit during 2005 and 2006, to exit 2005 at 3500 bopd and 4500 bopd in 2006. Centurion has a 30% working interest in the West Gharib Permit, with current production of 777 bopd net.

Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.Statements related to "reserves" or "resources" are deemed to be Forward Looking Statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future.

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