Centurion Increases Bank Credit Facility
Centurion Energy International has increased the size of its existing credit facility with Standard Bank Plc. from US$40 million to US$150 million, of which US$100 million is now immediately available. The remaining $50 million will be available to Centurion based upon the company meeting certain conditions prescribed by Standard Bank Plc.
The credit facility has been put in place to give Centurion maximum flexibility to supplement the company's expected cash flow in funding its planned 2006 exploration and development programs or other acquisition opportunities that may arise.
Centurion Energy International Inc. is an international oil and gas company headquartered in Calgary, Alberta, Canada. The company is engaged in oil and gas exploration and production with its properties located in Egypt, Tunisia and offshore West Africa.
Incorporated in 1997, Centurion has built a solid reserve base of over 88 million boe. Aggressive expansion of Centurion's Nile delta natural gas properties in Egypt are fuelling an exponential growth profile that projects a 2005 exit production rate of 43,000-45,000 per day. A multi-well drilling program is underway.
Additionally Centurion has an extensive land position of over 6.6 million net acres in Egypt and Tunisia, and was recently awarded 7.5% of an offshore Block 4 in the Joint Development Zone of Sao Tome/Nigeria.