Centurion Spuds El Wastani-3 Appraisal Well

Centurion reports that the El Wastani-3 Appraisal well spudded on March 29, 2004, and is currently drilling ahead. The well is being drilled on Centurion's El Wastani Development Lease situated in the Nile Delta of Egypt. Centurion has a 100% working interest.

The El Wastani-3 well location is located 2.6 kilometers to the east of El Wastani-1 and 3.4 kilometers to the west of El Wastani-2 which are the current gas condensate producers in the El Wastani Gas Field. The location has been confirmed by the recently completed 3D seismic program acquired over the Development lease. The El Wastani-3 well is planned for a total depth of approximately 3,300 meters to test the potential of the Upper Tertiary Kafr El Sheikh, Abu Madi and Qawasim reservoirs. It is anticipated that the drilling operation will take about 45 days.

If successful, the well will be tied in to our existing gathering system and will be produced as part of the El Wastani Gas Field.

This is the second well to be spudded as part of Centurion's drilling program in Tunisia and Egypt where fifteen wells are planned for 2004 and a further eight wells are planned for 2005. The next well planned for Tunisia is Ezzaouia-14, the first of three wells to be drilled consecutively. This well will be drilled with the same rig used for the Robanna-2 well and the rig is expected to begin mobilization to the Ezzaouia-14 location soon.

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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