Centurion Energy Announces Results from El Wastani #3 Well
Centurion Energy International
|Thursday, May 27, 2004
Centurion Energy International Inc. is pleased to announce the results of its testing program for the Lower Abu Madi Sands in the El Wastani #3 well in Egypt.
Testing operations have been carried out with the perforation of 7 meters in the Lower Abu Madi Sands. The well flowed natural gas at a stabilized rate of 8 million cubic feet per day on a 3/8 inch choke plus condensate averaging 185 barrels per day.
As announced on May 18, 2004, the upper Abu Madi zone in this well tested natural gas at 18 million cubic feet per day plus 540 barrels per day of condensate. The total rate for the well from the two zones is 26 million cubic feet per day of natural gas and 725 barrels per day of condensate.
We are very pleased with the test results from the El Wastani 3 well. Reserve estimates and expected well production rates will be released as soon as our independent engineers have reviewed the well data. The well can be tied-in within 60 days to existing facilities. Discussions are underway with Egyptian authorities to increase contract production volumes.
The rig will be released shortly to another operator and will be available to Centurion for further drilling in our Egyptian program in about 60 days. The next well in our eight well program planned for Egypt in 2004, Gelgel 2, is expected to spud in early July with a different rig than the one used on El Wastani 3. When the rig released from El Wastani 3 is available, we expect to have two rigs drilling concurrently to complete our 2004 Egyptian program.
Update on Tunisian Drilling Program:
The Ezzaouia 14 exploration well is drilling ahead at 1,670 meters. The Ezzaouia #14 well is targeting the Jurassic reservoirs at a depth of approximately 2300 meters. The well is expected to take approximately two weeks to reach total depth. This is the first of a three-well program on the Ezzaouia Concession with all wells to be drilled consecutively with Rig CTF#6.