Centurion Energy Secures Financing

Centurion Energy International has entered into an engagement letter with Williams de BroŽ Plc, pursuant to which Williams de BroŽ has agreed to act as agent of the Corporation for the issuance on a private placement of up to 1,515,152 common shares ("UK Shares") at an issue price of CDN $3.30 per UK Share, resulting in gross proceeds to the Corporation of up to approximately CDN $5 million.

Due to Canadian resale restrictions, the UK Shares cannot be sold in Canada or to or for the benefit of a resident of Canada for a period of four months and one day from the date of issuance. In order to distinguish the UK Shares from the Corporation's existing common shares during this restricted period, the UK Shares will have the ISIN "CA 1559052016" and will trade on the AIM market under the symbol "CUXa".

The Corporation's existing common shares, which have the ISIN "CA 1559051026" and will trade under the symbol "CUX", carry no such restrictions. Following the end of the restricted period of four months and one day referred to above, the UK Shares will assume the ISIN "CA 1559051026", will trade under the symbol "CUX", and there will be no re-sale restrictions in Canada.

This transaction is subject to certain conditions, including normal regulatory approvals and the signing of a placing agreement with Williams de BroŽ. The UK Shares will be offered in Europe on a reasonable endeavours basis through Williams de BroŽ. Closing is anticipated to occur on or about August 23, 2004 and, in any event, before August 30, 2004.

Centurion intends to use the net proceeds of the offering to fund its exploration and development activities and to fund the cost of potential future acquisitions, with any remaining balance to be used for general corporate purposes.
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