Centurion Announces Another Discovery in Egypt

Centurion Energy International Inc. announces Gelgel-1 exploratory well spudded on July 27, 2001 and reached a total depth of 1,250 meters in the Kafr El Sheikh formation on August 2, 2001. During drilling the well encountered a number of gas shows in the main target of the upper Kafr El Sheikh formation.

Open hole logs and RFT pressure tests were run from surface to total depth. The logs and pressure data indicate the presence of multiple gas bearing sands. A gross pay interval of 53.2 meters with 15.5 meters of net pay from high quality gas-bearing sands has been confirmed. The well has been cased and is currently being completed as a gas producer with production testing expected to commence this week.

The test is designed to determine the well optimum productivity and the potential gas and condensate reserves in the Gelgel prospect. This discovery has the potential to significantly enhance the reserve base in the southern area of the El Manzala concession where Centurion's Abu Monkar field was discovered in 1998.

Once testing has been completed, the drilling rig will move to the next location, Fasada-1 exploration well, located approximately 12 kilometers to the Southwest of Gelgel-1.