Centurion Updates Progress On Robbana-2 Exploration Well

Centurion says the Robbana-2 exploration well in Tunsia has now been drilled to a depth of approximately 2704 meters and is anticipated to penetrate the main target, being the Basal Sands of the Lower Cretaceous Meloussi Formation within the next 24 to 48 hours. Thereafter, drilling will continue until the well reaches total depth following which the well will be logged, cased with a 9 5/8" Casing String and tested to fully evaluate the hydrocarbon potential of the entire Meloussi Formation. The testing program will include the 20 meter prospective Channel Sands encountered in the Upper Meloussi Section which was previously disclosed in our news release of March 4, 2004.

The well is being drilled on Centurion's Robbana Concession located in south-central Tunisia on Djerba Island. Centurion has an 80% working interest with no government back-in right.

This is the first well to be spudded as part of Centurion's planned active drilling program in Tunisia and Egypt where fifteen wells are planned for 2004 and a further eight wells are planned for 2005.

Centurion is an active explorer and producer in both Tunisia and Egypt and currently has company-wide production of 10,400 boepd.
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