Centurion Closes Sale Of Tunisian Producing Properties
Centurion Energy has closed the sale of the Company's Tunisian producing properties to Candax Energy for total proceeds of $43.7 million (Canadian Funds) including working capital adjustments effective January 1, 2005. The sale of the Tunisian producing properties to Candax was previously announced on February 28, 2005.
Centurion's ownership in the Mellita Permit in Tunisia and the accompanying PetroCanada farm-out were not included in the sale of the Tunisian assets. Additionally, Centurion retained the right to participate for up to 50% of Candax's working interest in any Triassic exploration well drilled at either or both of the Ezzaouia and El Bibane concessions.
Centurion now has working capital in excess of $125 million, including $100 million in cash. This strong working capital position augmented by 2005 cash flow and available debt lines puts Centurion in an excellent financial position and will allow the company to finance the remaining 2005 development and exploration program in Egypt and as well to consider other projects or acquisitions.
Centurion' is still on target to achieve its planned 2005 exit
production rate of 45,000 boepd.