Centurion Energy Begins Exploration in Tunisia

Earlier this month Centurion Energy began drilling operations on the Sidi Mehrez Prospect located on the Grombalia Permit in Northern Tunisia. The wellsite is located approximately 45 km south west of Al Manzah oilfield.

The Sidi Mehrez #1 well will be drilled vertically to a total depth of 1440 meters to test a look-alike structure to the Al Manzah and Belli oilfields. It is expected the well will reach total depth in approximately 20 days from spud date, at a net cost to Centurion of approximately US$1.4 million. The primary target is in the Paleocene Bou Dabbous reservoir, expected at 1320 meters. The Bou Dabbous reservoir at Al Manzah currently produces approximately 1850 barrels of oil per day and had produced in excess of 1.3 million barrels of oil since being brought on stream. The Belli Field also produced from the Bou Dabbous reservoir and produced over 8.0 MMBO before the field watered out.

Should the Sidi Mehrez well discover commercial oil, Centurion has significant follow-up exploration potential, as five similar prospects have been identified on company lands. Oil production from the area would be marketed to the nearby Bizerte refinery.