Centurion Energy International Inc.
TSX : CUX
AIM : CUX.L

Centurion Energy International Inc.

May 18, 2006 08:00 ET

Centurion Announces Management Changes

CALGARY, ALBERTA--(CCNMatthews - May 18, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States.

Centurion Energy International Inc. (TSX:CUX)(AIM:CUX.L)

Over the last few years, Centurion Energy has experienced an unprecedented period of business growth. In response to this success, the company's Board of Directors has recognised the need for succession planning to replace certain senior management positions and also strengthen the management team. The following changes represent the first phase of the succession plan implementation.

Said Arrata has been appointed as Chairman of the Board and remains as Chief Executive Officer. Mr. Arrata is pleased to announce that Mr. David H. Thomas will be appointed as President and Chief Operating Officer.

Mr Thomas has 27 years of international oil and gas industry experience, spanning a range of exploration, development, production and new business generation activities. He holds a BSc in Mining Engineering and an MSc in Petroleum Engineering, the latter from Imperial College, London.

Mr. Thomas commenced his career at Conoco, where he held various petroleum engineering, economic planning and asset management positions in the UK and Dubai. In 1995, he joined the British independent company, Lasmo, where his last position was Group General Manager Operations, responsible for activities in Libya, Algeria, Morocco, Tunisia, Indonesia, Pakistan and the UK. Since 2001, he has worked with the Italian major, Eni, where he is currently serving as the Regional Vice President for West Africa, responsible for upstream and midstream business management.

Mr. Said Arrata, Chairman and Chief Executive Officer, states: "We are delighted that David will be joining the Centurion Team. The company is in a period of rapid growth and David's extensive international experience will help us further develop the organisation and deliver our ambitious operating and new business goals."

Mr. Barry Swan has advised the Board that consistent with the time frame expressed to the Board two years ago he is tendering his resignation as Senior Vice President and CFO effective June 30, 2006. He will continue as a member of the Board of Directors.

Mr. Tony Anton has resigned as Senior Vice President and Chief Operating Officer but will continue to provide consulting services to the company for special projects.

Mr. Arrata states, "I would like to thank Barry and Tony for their contributions to Centurion's growth. Barry and I founded Centurion in 1997 and together have faced the challenges of growing the company from 2,500 boepd to its present level. Tony, since joining Centurion in 2003, has shepherded our operations during a time of dramatic growth and hectic activity."

In addition to the changes outlined above, Mr Arrata is pleased to announce the following appointments:

Mr. Paul McDougall has been appointed as Vice President, Finance and Mr. Robert Macaulay has been appointed as Vice President, Engineering. Both Paul and Rob have proven to be a valuable part of the Centurion team and we are confident they will continue to make significant contributions.

Centurion also recently added several new employees to its exploration staff and to its engineering ranks. The company is also planning to hire a new Drilling Superintendent and a Senior Drilling Engineer, both of whom will be resident in our Cairo office. To further strengthen our drilling department, a Senior Drilling Advisor will be hired and will be located in Calgary.

In closing, Mr. Arrata states, "Centurion has just gone through a period of unparalleled growth during its ten year history. We have had great success and have also experienced some growing pains. I think the above changes within our management team positions the company well to continue its growth and to meet the new challenges which come with our anticipated continuing aggressive growth."

Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • Centurion Energy International
    Said S. Arrata
    President and CEO
    (403) 263-6002
    or
    Centurion Energy International
    Barry W. Swan
    Senior Vice President and CFO
    (403) 263-6002
    or
    Centurion Energy International
    Scott Koyich
    Investor Relations
    (403) 215-5979
    or
    Citigate Dewe Rogerson, London
    Martin Jackson
    +44 207 638 9571
    or
    Citigate Dewe Rogerson, London
    Kate Delahunty
    +44 207 638 9571