Centurion Energy Outlines Tunisia Drilling Program

Centurion Energy plans to drill two step out wells on the mapped southern extension of the Jurassic structure on the Ezzaouia Concession. Targeted additional reserves could be as much as 10 million barrels. A third well is planned using the same rig to test the Zeebag / Ketatna interval. The first Jurassic well is expected to spud in the 4th quarter. A rig has been contracted and will be available in late October. A Triassic Structure at a depth of approximately 5,000 meters has been mapped underlying each of the Ezzaouia and the El Biban producing fields. The closures defined by 3D seismic at Ezzaouia and 2D seismic at El Biban could each hold 2 to 3 TCF of gas with associated liquids. Centurion continues to explore alternatives with partners to get a well drilled to test these structures.

A structure in the Basal Meloussi formation has been mapped near the existing Robbana producing well. A recently acquired 65 km 2D seismic program is currently being processed to confirm the closure. A well is planned for the 4th quarter and discussions are currently underway to contract a drilling rig. The well is targeting potential reserves of 40 million barrels.

The company has mapped 16 geological leads on the 845,728 square kilometer permit located offshore in the Gulf of Gabes in shallow water. The structural leads range in size up to 35 square kilometers with the largest structures having the potential for up to 100 million barrels of oil reserves.

Discussions are advanced with a major international oil company for participation in the exploration of this permit which would provide funding to carry Centurion at no cost, through a program of seismic acquisition and the drilling of the first exploratory well.

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