Centurion Energy's Gelgel-3 Flows 34 mmscf/day

Centurion Energy International reports that the Gelgel-3 well in Egypt flow tested at a total of 34 mmscf/day of dry gas from a 44-meter productive zone. The well tested a new reservoir which is expected to produce over a wide area, adding significantly to the reserve potential of the Gelgel field.

The Gelgel-3 well will be tied in and produced through the expanded production facilities in Centurion's South Manzala Production Lease. Centurion currently estimates that the initial phase of facility expansion will be operational by year- end.

It is expected that with success in drilling and tying in of El Wastani East-2 and Gelgel-3, 2004 exit gas production from Egypt could exceed 90 mmscf/d.

Testing of the Gelgel-4 exploration well is anticipated to start later this week with results anticipated in early October.

Centurion's focus will now shift to testing deeper prospects containing liquid rich gas. The El Wastani East-2 well is anticipated to spud during the second half 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 is expected to be available in late November. The first well scheduled for this rig will be Abu Monkar -2 which will target the Abu Madi reservoirs.

In Tunisia, the Ezzaouia-15 well which tested at 1,520 bopd is now tied in and is expected to commence production by the end of this week. The rig is now rigging up at Ezzaouia -16.

As previously announced, 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. Commencement of production at Ezzaouia-15 will increase Centurion's daily production to over 14,000 boepd and it is expected that company-wide 2004 exit production will be in excess of 16,000 boepd.
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