Centurion and Shell End Farm-in and LNG Deal
Centurion Energy International Inc. said that Shell West Manzala GmbH and Shell West Qantara GmbH (collectively, "Shell") and Centurion have agreed to terminate the West Manzala and West Qantara Farm-in and LNG Co-operation Agreement. Accordingly, Centurion will gain ownership of a 100% working interest in these highly prospective exploration concessions.
Centurion also looks forward to completing the ongoing corporate transaction, under which Dana Gas PJSC ("Dana Gas") has offered to acquire all of Centurion's outstanding common shares at a price of $12 Canadian per share.
As a regional company, Dana Gas has its own strategic plans in Egypt and is committed to establishing a significant integrated gas business in the country, founded on Centurion's existing producing fields (El Wastani and South El Manzala) and the surrounding exploration acreage, including West Manzala and West Qantara.
Centurion expects the corporate transaction between Dana Gas and Centurion to close as planned, following the Special Meeting of the Centurion Security Holders which is scheduled to be held on the 8th January 2007.
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