Centurion Announces West Gharib Drilling Plans



Centurion Energy International Inc. announces that a letter of intent has been signed for the ECDC No. 1 drill rig for a three-well exploration program on the West Gharib Concession in Egypt. Centurion holds a 30% working interest in the 469,000 acre West Gharib Concession.

The first well, Hana Deep-1, is planned to spud in November and will be drilled within the limits of the Hana field to explore the multi-reservoir potential of the Rudeis sands. The Hana-8 well, drilled in November 2000, encountered hydrocarbons in the Rudeis sands and tested 1,000 barrels of 33-degree API oil per day from the Upper Rudeis reservoir. The upcoming Hana Deep-1 well will penetrate the same Upper Rudeis productive zone up dip from Hana-8, and will also test the Lower Rudeis zone.

The second well of the exploration program, Hana South-1, will test the Kareem and Upper Rudeis reservoirs in the adjacent Hana South structure. The third well (contingent), Naiem-1, will test a new structure further south from the Hana South prospect and will target the Upper Rudeis sands. The Hana South and Naiem-1 prospects have been defined by an extensive 3-D seismic program. The West Gharib Concession, operated by Tanganyika Oil Company Ltd. (Centurion - 30% W.I.), contains the Hana field which is currently producing approximately 1,800 barrels of 26-degree API oil from the Miocene Kareem reservoir onshore Gulf of Suez. The Gulf of Suez is a prolific rift basin currently producing in excess of 800,000 barrels of oil per day.