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Centurion updates activities in Egypt

Source: 9/17/2005, Location: Africa

Centurion’s Egyptian reserves increased 95% to 88.5 million boe during the first six months of 2005 Production reached a record high of 26,200 boepd, an increase of 36% above 2004 exit rate. Centurion still has 30 mmscf/day of gas production behind pipe awaiting completion of the El Wastani Facilities upgrade (expected by end of September 2005).

Mr. Said Arrata states, “We are pleased with the continuing success that we are having with our Egyptian Nile Delta development drilling program. We have now drilled twelve wells in the 2004/2005 drilling program with 92% success. Our business plans in Egypt are progressing well and we are confident that we will meet our year-end targets.”

El Wastani Production Lease

The produced oil from EW6 is currently mixed and marketed with the El Wastani field condensate production. The drilling and testing results of EW6 are presently being integrated in the interpretation and additional drilling locations down-dip from EW 6 are planned to determine the extent of the oil leg.

The El Wastani-5 development well has reached its total depth of 3,300 meters in the Sidi Salim formation. Casing was run to cover the Lower Abu Madi pay and Qawasim sands before proceeding to drill the Sidi Salim section. Petrophysical and mud logs analysis indicate the well encountered 67 meters of gross pay in the main Lower Abu Madi reservoir. Additional hydrocarbon shows were encountered in the lowermost Abu Madi, Qawasim and Sidi Salim Sands. Plans are to test the lower zones prior to completing the well in the Lower Abu Madi formation.

The ECDC#2 rig will move to the El Wastani East 3 location following testing and completion of the EW5 well. Primary targets are in the Upper and lower Abu Madi sands.

The Precision drilling rig #147 is currently rigging up at the El Wastani 7 location. The El Wastani 7 well primary targets are in the Lower Abu Madi and Qawasim reservoirs.

The current production from the El Wastani Production Lease is 82 mmscf/day of gas and 4,400 bpd of condensate and natural gas liquids (18,067 boepd). Centurion has an additional 30 mmscf/day plus associated liquids behind pipe awaiting capacity expansion at the El Wastani field facilities. The facility upgrade and liquids processing plant is on track for a September 2005 completion at which time productive capacity at El Wastani will be increased to 150 mmscf/day.

South El Manzala Production Lease

The Gelgel 7 well commenced production in August and is currently producing 7.0.mmscf/day from the lower El Wastani pay section.

Gelgel 8 was drilled into the El Wastani formation in the northern extension of the South El Manzala concession. Upon reaching the target formation gas shows were indicated on the mud logs, but testing operations resulted in high water production and the well has been deemed non-commercial. Gelgel 8 has identified the northern limit to the field and is being completed as a water disposal well. The drilling rig used for Gelgel 8 has now spud the Gelgel 6 development well.

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 45 mmscf/day (7,500 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 50% 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. Workover operations are being carried out on Hoshia # 2 to re-complete the well in the Upper Rudeis reservoir.

Hoshia -3 has reached total depth of 1,377 meters and is preparing to test in the Rudeis sands.

The Fadl-1 exploratory well was initially tested at 250 bopd and is currently producing at 220 bopd. Production equipment is currently being installed in the West Hoshia-1, while drilling operations have commenced at the West Hoshia #2 location and workover operations are to commence on the Rahmi-1 well.

The Hana Field continues to have stable production currently producing at 1,620 bopd. The operator is proposing to drill 12 exploratory and development wells on that permit during 2005 and 2006, to potentially exit 2005 at 3,500 bopd and potentially exit 2006 at 4,500 bopd. Centurion has a 30% working interest in the West Gharib Permit, with current production of 703 bopd net.

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