Centurion Says 2007 Drilling Program Includes Ten Exploration Wells

Centurion's planned 2007 drilling program includes 10 exploration and appraisal wells and 2 development wells, all to be drilled on its Egyptian exploration and development leases.

The company remains confident in the resource potential in the onshore Nile Delta region and the majority of the wells will be drilled in the West Manzala and West Qantara exploration blocks, with wells planned to test shallow (Abu Madi and Qawasim) and deeper (Sidi Salim and potentially Oligocene) reservoir targets.

The Sidi Salim is relatively under-explored in the two blocks and recent seismic and geologic studies have indicated a significant potential in this formation, with the largest and lowest risk prospects lying on a trend to the south and east of the El Wastani field. A total of 12 prospects have been mapped to date and additional leads are being matured.

Two of the Sidi Salim prospects have already been drilled, albeit on the flank of the structures, by previous block Operators and both wells confirmed the presence of gas. One of the wells, Abu Naga-1, tested gas at a rate of 5.7 million cubic feet per day with 360 barrels per day of condensate and the other, Matariya-1, encountered 18 meters of high pressure gas pay, as confirmed by open and cased hole log data. The latter well was not flow tested since gas was not regarded as a commercial commodity when the well was drilled in 1976. Both prospects represent potential drilling targets for 2007.

The drilling program also includes two wells to be drilled in the Eastern Desert frontier area Block 2 Ganope (Kom Ombo), the second of which is viewed as contingent on the results of the first.

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