Centurion Says Egyptian Production Could Reach 30,000 Boepd

All new facilities in El Wastani and South Manzala have now been completed but full commissioning has been delayed until a few minor start-up problems have been resolved. Full operation is expected within one week.

Centurion's Egyptian production is currently in excess of 26,000 boepd. Additional production of 30 million cubic feet per day of natural gas plus liquids will be tied in shortly and will increase daily production to approximately 32,000 boepd. The targeted 2005 exit rate of 45,000 boepd is still within reach.

The El Wastani 5 development well will be perforated in the Lower Abu Madi formation tomorrow and test results are expected over the weekend. The flow line is in place to tie this well into the expanded facilities.

Three Rigs are currently available: Gelgel 11 will spud within the next 7 days; El Wastani East 3 spudded October 14, 2005; and El Wastani 7 is currently being logged.

The West Manzala and West Qantara 2,000 square kilometer 3D seismic program is 60% complete. The crew will be released to another operator for about four months and then acquisition will continue. Interpretation and mapping of the first 600 square kilometers has been completed and at least 15 drilling locations have been identified.

In Tunisia, the first offshore well on the Mellita Permit, Amira 1, was spudded on October 16, 2005.

Mr. Said Arrata states, "We are pleased with the continuing success that we are having with our Egyptian Nile Delta development drilling program. We have now drilled 14 wells in the 2004/2005 drilling program with 93 % success. The spudding of the Amira 1 well offshore in the Gulf of Gabes commences the next chapter of our exploration of potentially high impact plays in Tunisia."

El Wastani Production Lease

The El Wastani 5 development well has been completed as a producer in the Lower Abu Madi formation.

The ECDC#2 rig spudded the El Wastani East 3 well on October 14, 2005 with its primary targets in the Upper and Lower Abu Madi. The well is currently at 1,162 meters and is drilling ahead.

The Precision drilling rig #147 is drilling the El Wastani 7 location. The primary targets are in the Lower Abu Madi and Qawasim reservoirs. The well has reached total depth of 3,050 meters and is being logged.

The current production from the El Wastani Production Lease is 82 mmscfpd of natural gas and 4,300 bpd of condensate and natural gas liquids (17,967) boepd.

South El Manzala Production Lease

The SBDC Rig #50 is rigging up and is expected to spud the Gelgel-11 well within the next week.

The South El Manzala Facilities Upgrade and Pipeline Twinning Project is now complete.

The current production from the South El Manzala Production Lease is 45 mmscfpd (7,500 boepd).

Abu Monkar #3 Exploration Well

A new location has been prepared to drill the Abu Monkar #3 Exploration Well. The well will be spudded later in 2005 after all development wells have been drilled.

West Manzala and West Qantara Blocks

The 3D seismic acquisition program is well underway with 60% of the 2,000 square kilometer program completed. Early results of the processing and interpretation are very encouraging and 10 15 wells per year have been planned for the 2006-2007 drilling program.

West Gharib Permit (Centurion 30% Working Interest)

The Hoshia field is now producing from three wells. Work-over operations have been completed on the Hoshia 2 well and the well is now producing at 210 bopd. The Hoshia 3 well has been completed and is currently producing at 140 bopd. Total production from the Hoshia field is 820 bopd.

The Hana Field continues to have stable production currently producing at 1,770 bopd.

Current production from the West Gharib concession is 2,590 bopd (777 bopd net to Centurion).

TUNISIA

Mellita Permit

The operator, PetroCanada, has spudded the Amira 1 offshore well in the Gulf of Gabes on October 16, 2005. The well is expected to reach total depth in approximately 60 days.

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