Centurion Energy International Inc.

Centurion Energy International Inc.

January 06, 2005 09:30 ET

Operations Update- Centurion Exits 2004 at Over 21,000 Boepd


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CENTURION ENERGY INTERNATIONAL INC.

TSX SYMBOL: CUX
LSE SYMBOL: CUX

JANUARY 6, 2005 - 09:30 ET

Operations Update- Centurion Exits 2004 at Over 21,000
Boepd

CALGARY, ALBERTA--(CCNMatthews - Jan. 6, 2005) - Centurion Energy
International Inc. (TSX:CUX)(AIM:CUX) achieved a new record level of
production as the company exited 2004 with production reaching 21,150
boepd. This production level is comprised of approximately 19,250 boepd
from Egyptian operations and 1,900 boepd from Tunisian operations.

In Egypt, Centurion tied in El Wastani East 2 and Gelgel 4 prior to year
end.

El Wastani East 2 commenced production at a rate of over 30 mmscf per
day plus 1,545 bpd of condensate and natural gas liquids, which
increased year end production from the El Wastani field to 48.5 mmscfpd
plus 2,400 bpd of condensate and natural gas liquids or 10,485 boepd.

Gelgel 4 commenced production at a rate of approximately 8 mmscfpd of
dry gas, which increased year end production from the South Manzala
field to 49.5 mmscfpd or 8,250 boepd.

Total 2004 exit production from the El Wastani and South Manzala
Production Leases has surpassed Centurion's target of 90 mmscfpd,
reaching 98 mmscfpd plus 2,400 bpd of condensate and natural gas liquids
or 18,735 boepd.

Centurion's 30% share of production from the Hana field accounts for the
balance of Egyptian production.

Drilling Operations - Operated Fields

El Wastani 4, the next well in the El Wastani field development, and Abu
Monkar 2, an exploration well targeting deeper reservoirs in the South
Manzala development lease, were both spudded before year end 2004.

Drilling Operations - Non-operated Fields

The Fadl 1 well (Centurion 30% WI) located in the West Gharib Concession
onshore near Egypt's Red Sea has reached total depth. Production casing
has been run and perforated. The drilling rig has been released and is
being moved to the Hoshia 1 location. Production equipment including a
pump is being mobilized to test the Fadl 1 well.

Caution to Reader

This press release contains forward-looking statements and the reader is
cautioned not to place undue reliance on these statements, as there can
be no assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties,
both general and specific, that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking statements
will not occur. Although Centurion believes that the expectations
represented by such forward-looking statements are reasonable, there is
no assurance that such expectations will prove to be correct. Centurion
cautions that events or circumstances could cause actual results to
differ materially from those projected.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Centurion Energy International Inc.
    Said S. Arrata
    President and CEO
    (403) 263-6002
    or
    Centurion Energy International Inc.
    Barry W. Swan
    Senior Vice President and CFO
    (403) 263-6002
    (403) 263-5998 (FAX)
    or
    Centurion Energy International Inc.
    Scott Koyich
    Investor Relations
    (403) 215-5979
    Email: info@centurionenergy.com
    Website: www.centurionenergy.com