Centurion Says El Wastani-3 Logs Gas Pay

The El Wastani-3 well in Egypt has reached a final total measured depth of 3,095 meters after penetrating the Abu Madi Sands targets. Strong gas shows were encountered upon penetration of the targets. Preliminary log analysis indicates a net gas pay of 23 meters in the Abu Madi sands. In order to test the pay sands, a 7" liner will be run to total depth and a completion string installed before commencing testing operations. We anticipate commencing perforation and testing operations during the first week in May. Should the test results be successful, the well will be tied in to the existing El Wastani gas plant facilities.

As previously reported, Centurion has a 100% working interest in the El Wastani-3 well that 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 and condensate producers in the El Wastani development lease. The El Wastani-3 well was drilled using the recently completed 3D seismic survey to test a separate gas and condensate accumulation than El Wastani-1 and 2.

El Wastani-3 well is the first of 16 wells to be drilled in Egypt as part of Centurion's aggressive drilling program planned for 2004 and 2005.

Centurion is an active explorer and producer in both Egypt and Tunisia with a current net production of approximately 10,000 boepd.
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