Centurion Spuds the Fasada-1 Well

Centurion Energy International Inc. announces that the third exploration well in its Egyptian drilling program, Fasada-1, spudded on August 28, 2001. The Fasada-1 exploration well is located in the southern portion of the El Manzala concession, 14 kilometers south west of Centurion's recent Gelgel-1 gas discovery which tested 31 mmcf/day.

The Fasada-1 well is targeting both the Kafr El Sheikh and Abu Madi formations. Centurion has previously discovered significant gas reserves in both of these formations at the Abu Monkar-1 discovery in 1998 and the Gelgel-1 well. The Fasada-1 exploration well is scheduled to be drilled to a total depth of approximately 2,250 meters and is expected to reach total depth in approximately 23 days.

Once drilling operations at Fasada-1 are completed, Centurion will have satisfied all conditions of its firm three well drilling contract. However, Centurion plans to exercise its right to drill two additional option wells under the terms of the drilling contract. Surface preparation work and well engineering plans are currently being conducted for these additional exploration wells, Sherbean and Bashtear, both in the southern portion of the El Manzala Concession near Abu Monkar.

With its recent discovery at Gelgel-1, Centurion has commenced revising its Plan of Development for the southern portion of the concession. This Plan of Development requires that Centurion construct a 55-kilometre pipeline that will connect gas discovered at Abu Monkar and Gelgel-1 to the national gas grid pipeline along the Suez Canal. Development plans for this area are expected to include production room for any further discoveries made at Fasada-1, Sherbean or Bashtear.