Centurion Achieves Record Production in 2004

Centurion Energy International achieved a new record level of production as the company exited 2004 with production reaching 21,150 boepd. This production level is comprised of approximately 19,250 boepd from Egyptian operations and 1,900 boepd from Tunisian operations.

In Egypt, Centurion tied in El Wastani East 2 and Gelgel 4 prior to year end.

El Wastani East 2 commenced production at a rate of over 30 mmscf per day plus 1,545 bpd of condensate and natural gas liquids, which increased year end production from the El Wastani field to 48.5 mmscfpd plus 2,400 bpd of condensate and natural gas liquids or 10,485 boepd.

Gelgel 4 commenced production at a rate of approximately 8 mmscfpd of dry gas, which increased year end production from the South Manzala field to 49.5 mmscfpd or 8,250 boepd.

Total 2004 exit production from the El Wastani and South Manzala Production Leases has surpassed Centurion's target of 90 mmscfpd, reaching 98 mmscfpd plus 2,400 bpd of condensate and natural gas liquids or 18,735 boepd.

Centurion's 30% share of production from the Hana field accounts for the balance of Egyptian production.

Drilling Operations - Operated Fields

El Wastani 4, the next well in the El Wastani field development, and Abu Monkar 2, an exploration well targeting deeper reservoirs in the South Manzala development lease, were both spudded before year end 2004.

Drilling Operations - Non-operated Fields

The Fadl 1 well (Centurion 30% WI) located in the West Gharib Concession onshore near Egypt's Red Sea has reached total depth. Production casing has been run and perforated. The drilling rig has been released and is being moved to the Hoshia 1 location. Production equipment including a pump is being mobilized to test the Fadl 1 well.
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