Centurion Reports Success in Egypt and Tunisia

Centurion Energy International reports that the Gelgel-2 development well in Egypt flow tested 15 mmscf/day of dry gas from two separate sands totaling 12 meters of pay. Final hook-up of the Gelgel-2 well to our existing gas plant is currently underway with the well expected to commence production early next week. The service rig used for Gelgel-2 is now mobilizing to the Gelgel-3 development well which was drilled and cased to total depth in late August. Production testing of two zones totaling 8.5 meters of gas pay in Gelgel-3 is expected to commence this week. Production from Gelgel-3 will be immediately tied into our existing infrastructure.

The Gelgel-4 exploration well reached total depth in early September and has been cased as a potential gas producer. Logs indicate a gross sand section of 13 meters with gas shows observed during drilling. Completion and testing will follow the testing operations at Gelgel-3. Centurion's focus will now shift to testing deeper prospects potentially containing liquid rich gas. The East El Wastani-2 well is anticipated to spud during the second week of October and will be followed by the El Wastani-4 well using the same drilling rig. Centurion has sourced a second drilling rig which will be used for the Abu Monkar-2 exploration prospect in the South Manzala area. This second rig is expected to be available in the fourth quarter of 2004.

In Tunisia, testing and completion operations at Ezzaouia-15 are ongoing in the two productive zones encountered. The lower zone is a 5 meter interval and flowed at rates up to 380 bopd with no water. Testing operations are now focusing on the upper zone which has approximately 16 meters of pay. Results from the upper zone should be available in the next two weeks.

Upon commencement of production from Gelgel-2 and the resumption of full operations at SEEB, Centurion's production will exceed 13,000 boepd. Additional production from Ezzaouia-15 and the Gelgel 3&4 wells is anticipated upon the completion of testing and tie-in operations.

Centurion has embarked on an aggressive growth plan to increase its Egyptian gas production by an additional 100 mmscf/day by mid 2005, and another 100 mmscf/day by the end of 2005. These recent successes in Tunisia and Egypt have Centurion poised to exit 2004 with production exceeding 15,000 boepd and has the company on track to achieve its planned production targets for 2005.
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