Centurion's Egyptian Gas Fields Now At Full Throttle
|Thursday, December 18, 2003
Centurion Energy reports that production from its South Manzala gas fields has now reached 35 million cubic feet per day, the contract maximum.
The wells are producing under natural flowing pressures without compression. The compression facility and associated equipment is now mechanically complete and commissioning of the plant will commence on December 28, 2003. It is expected that the fields will continue to produce at the 35 million cubic feet per day rate for several months before the compression facilities will be utilized to maintain that production level.
Having surpassed the 10,000 boepd production level, Centurion will have strong cash flow in 2004. Using that cash flow and the proceeds of the recently concluded financing which raised nearly $20 million, Centurion is poised to commence an aggressive exploration program which will see up to 22 wells drilled over the next two years, targeting prospects ranging in potential size up to 500 million barrels of oil and up to 3 tcf of gas. Drilling is expected to commence early in 2004 when contracted rigs become available.