Centurion Closes Land Acquisition in Egypt

Centurion Energy International has closed its acquisition from CTIP Oil and Gas Limited of a 25% participating interest in the West El Manzala Concession and West El Qantara Concessions, located in the Nile Delta region of the Arab Republic of Egypt. Centurion now holds a 100% participating interest in each of these Concessions.

Under the terms of the acquisition agreement, Centurion has paid US $20 million and has issued 1,000,000 common shares at a deemed price of Cdn $12.10 per share (being the share price at the time of the signing of the acquisition agreement) for the concession interests. Centurion has also agreed to pay additional future premiums that could total up to a further US $25 million if and when specific discovery volumes and development objectives are met. Centurion has also granted a three percent net profits interest to CTIP on future production from the Concessions. The acquisition price was funded by a combination of debt and working capital.

Related Companies
 Company: Centurion Energy Internationalmore info
 - Thomas to Begin New Role at Melrose in Early June (May 9)
 - Melrose Names New Chief Exec (May 2)
 - Centurion Set to Become Part of Dana Gas (Jan 9)

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Office Manager
Expertise: Asset Management|Operations Management|Secretarial or Administrative
Location: Von Ormy, TX
Sr. Analyst - Mobile & Application Development
Expertise: IT - Programming & Database|IT - Software Development|Project Management
Location: Houston, TX
Senior Project Manager - Chemicals
Expertise: Project Management
Location: Greenville, SC
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours