Centurion Completes $20 Million Financing
Centurion Energy International
|Tuesday, August 17, 2004
Centurion Energy International has successfully completed a $20 million underwritten financing led by GMP Securities Ltd. and including Octagon Capital Corporation, Jennings Capital Inc., Orion Securities Inc. and Maison Placements Canada Inc. The $20 million financing consisted of the placement of 6,060,606 Common Shares at $3.30 per Common Share.
Centurion Energy International Inc. is a Calgary based oil and gas exploration and development company engaged in the exploration, development and production of oil and natural gas in Tunisia and Egypt.
Centurion has embarked upon an aggressive drilling program on its two production leases in the Nile Delta region of Egypt. The company has previously announced its plans to substantially increase gas production from this area and now is estimating capital expenditures in excess of $100 million US over the next sixteen months to drill additional exploration and development wells, add new infrastructure and expand existing facilities. This aggressive expansion program has required the company to augment its existing working capital position and existing lines of credit with new capital.