Centurion Makes Natural Gas Discovery In Egypt

Centurion Energy International Inc. announces that El Wastani East-1(EWE-1) exploratory well is a gas and condensate discovery in the Abu Madi formation. EWE-1 is the fourth discovery on the El Manzala concession in Egypt. The EWE-1 well is located 3 kilometers from Centurion's planned El Wastani field facilities which are under construction, and are anticipated to commence production by the end of the third quarter 2001. Production from EWE-1 can be tied-in to this facility.

The ECDC-2 drilling rig, which Centurion has contracted to drill up to seven wells was released from EWE-1 well on June 27, 2001 and is being moved to the second well location Gelgel-1, located in the Southern part of the El Manzala Concession. Gelgel-1 is scheduled to spud in approximately four weeks. The exploration well will target the Kafr El Sheik formation, which is the same gas bearing reservoir encountered in the Abu Monkar discovery well 7 kilometers to the South east of Gelgel-1 location.