Centurion Energy International Inc. reports that the Ezzaouia-14 exploration well has reached a total depth of 2700 meters in the Jurassic reservoirs. No commercial hydrocarbons were encountered in the Jurassic reservoirs as they were penetrated in a lower structural position than prognosed. This well will be abandoned in such a way as to allow for re-entry and sidetracking. The decision to sidetrack the well will be dependent on the result of the re-interpretation of additional seismic information.
Centurion Energy International Inc. reports that the Ezzaouia-14 exploration well has reached a total depth of 2700 meters in the Jurassic reservoirs. No commercial hydrocarbons were encountered in the Jurassic reservoirs as they were penetrated in a lower structural position than prognosed. This well will be abandoned in such a way as to allow for re-entry and sidetracking. The decision to sidetrack the well will be dependent on the result of the re-interpretation of additional seismic information.
The Ezzaouia-14 well was prognosed to drill a separate structure to the south of the current producing Ezzaouia field. The drilling rig used for Ezzaouia-14 is being demobilized and will move to the Ezzaouia-15 development location shortly.
Centurion is also pleased to report that on June 10, 2004 production resumed from the Al Manzah water injection project in Northern Tunisia. Current production from Al Manzah is 820 bopd (Centurion 75% WI) and is sold at a premium to current world oil prices. Centurion has not included any incremental production from Al Manzah or Ezzaouia-14 in its production estimates for 2004.
This additional production, combined with existing production at Centurion's other fields in Tunisia and Egypt, brings total current production to approximately 9,800 boepd. Current production figures are approximately 800 boepd lower than normal as they do not include any gas production at SEEB as the plant is shut-down for turbine maintenance work. Resumption of SEEB operations is expected in approximately 3 weeks at which time daily production will return to approximately 10,600 boepd.
In Egypt, Centurion is focusing on accelerating the 2004 drilling campaign based on the success achieved with the El Wastani-3 production tests. Centurion is embarking on an aggressive gas reserve development program focusing in the Nile Delta area of Northern Egypt. The next well, Gelgel-2, is expected to spud in mid July and will target the same channel sands encountered in Gelgel-1. A further 6 wells are planned for 2004 in Centurion's El Manzala concession in the Nile Delta.
Centurion has also commenced negotiations with the Egyptian Gas authorities to increase the daily gas quota from the El Manzala concession. Early indications suggest that Centurion should be able to double its current gas quota in the next 12 months. Accordingly, engineering and tie-in work has already commenced on the recent El Wastani-3 discovery to be able to capitalize on the pending gas quota increase.
Centurion would also like to remind readers that Centurion's Annual General Meeting is Wednesday June 23, 2003, at 3:00 PM at the Calgary Petroleum Club. All current and prospective shareholders are encouraged to attend.
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.
-Ends-
For More Information:
Said S. Arrata, President and CEO, or
Barry W. Swan, Senior Vice President, Finance and CFO
Tel: (403) 263-6002 / Fax: (403) 263-5998
Scott Koyich, Investor Relations
Tel: (403) 215-5979
E-mail: info@centurionenergy.com
Web: http://www.centurionenergy.com
© Press Release 2005
