Petrophysical evaluation is very encouraging as the logs indicate the presence of four potentially productive formations with gross estimated pay of 170 meters. The company will test three of the four formations. The first formation to be tested is the Qawasim, a new gas formation in the El Wastani area. Testing will then continue up hole with the Lower Abu Madi and then the Upper Abu Madi Formation in which the well be completed and placed on production. The shallowest zone indicated on logs, the Kafr El Sheik Formation, could have a significant areal extent and will be tested at a different location. The flow line for this well is currently under construction so that production commences immediately following the conclusion of the testing operations. The testing operations will be completed prior to year end.
Egyptian Drilling Rigs
Upon completing the testing of the El Wastani East-2 well, the ECDC Rig 2 will be moved to the El Wastani-4 location. The SBDC Rig--ZJ 50 is currently being rigged up in the South Manzala Production lease at the Abu Monkar-2 location which is expected to spud before year end. This rig will drill 5 wells in the South Manzala area. Both of these rigs are contracted to the end of 2005 to carry out Centurion's 17 well drilling program in Egypt's Nile Delta region.
West Gharib Exploration Drilling
Centurion is a 30% partner in the West Gharib Concession. The operator Dublin International Petroleum (Egypt) has started a four well exploration drilling program, targeting oil prospects. The first well Fadl-1 well has spudded on November 30. This well is targeting the Rudeis Formation at a depth of approximately 1,000 meters.
Centurion is currently producing 65 mmscf/d of gas and 1,000 barrels a day of hydrocarbon liquids from the El Wastani and South Manzala Production leases. This brings company-wide production to approximately 15,000 boepd.
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