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Centurion Closes Land Acquisition in Egypt

Source: www.oilegypt.com 5/3/2006, Location: Africa

Centurion Energy International Inc. has closed its acquisition from CTIP Oil and Gas Limited of a 25% participating interest in the West El Manzala Concession and West El Qantara Concessions, located in the Nile Delta region of Egypt. Centurion now holds a 100% participating interest in each of these Concessions.

Under the terms of the acquisition agreement, Centurion has paid US $20 million and has issued 1,000,000 common shares at a deemed price of Cdn $12.10 per share (being the share price at the time of the signing of the acquisition agreement) for the concession interests. Centurion has also agreed to pay additional future premiums that could total up to a further US $25 million if and when specific discovery volumes and development objectives are met. Centurion has also granted a three percent net profits interest to CTIP on future production from the Concessions. The acquisition price was funded by a combination of debt and working capital.

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