Centurion On Track to Increase Production from El Wastani

EGYPT

EXPLORATION CAMPAIGN

Abu Monkar - 2

In South El Manzala, the Abu Monkar-2 well has continued to experience mechanical difficulties preventing comprehensive testing operations from being carried out. The drilling rig is now being moved to a new Gelgel location to continue with the planned drilling program.

Despite this setback, Centurion is more optimistic about the Sidi Salim target in this area given the gas shows experienced during drilling operations. The company is planning to test this significant target in a new location structurally higher to the Abu Monkar-2 well in late June or shortly thereafter. Work is currently underway for selecting a location for the well, preparing the well site, and securing the large tubulars needed for drilling a deep well.

DEVELOPMENT CAMPAIGN

Centurion remains on track to increase production from the El Wastani and South El Manzala development leases by year end to 250 mmscf/d of gas plus associated liquids, through the drilling of an additional 14 development wells plus ongoing additions to company operated facilities.

Gelgel # 5, 6 & 7

The rig that is now moving from Abu Monkar-2 will commence the drilling of three Gelgel wells in the South El Manzala Development Lease, targeting the shallow El Wastani Formation, on April 22.

El Wastani - 6

El Wastani-6 has encountered the Lower Abu Madi (LAM) formation 23 meters higher than predicted. Upon entering the sandstone interval a gas influx was observed on the mudlog. The well was drilled and logged to a depth of 3010 meters. Preliminary log analysis indicates gross pay intervals in the LAM and Qawasim Formations of 116 meters, (54 meters net). Upon casing the well to current depth, drilling operations will resume towards a targeted total depth of approximately 3200 meters to test the prospectivity of the Sidi Salim Formation at this location.

El Wastani - 9

Testing of the El Wastani-9 has now been completed, the well flowed at a combined rate of 35 mmscf/d plus 650 bbl/d of associated liquids from the Qawasim and Lower Abu Madi perforated intervals. The well is being readied for completion and tie-in to the El Wastani facilities.

TUNISIA

Mellita Exploration Concession

As operator of the Mellita farmout block, Petro Canada has advised that the on shore oil prospect Midoun-1 well on Djerba Island is scheduled to spud by end of April. The well is targeting the Meloussi Sands at a depth of approximately 2800 meters. The well is expected to take approximately 40 days to reach total depth.

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