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

Centurion Energy International Inc.

December 29, 2006 08:00 ET

Centurion Energy International Inc. Announces Termination of Farm-In and LNG Cooperation Agreement

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Centurion Energy International Inc. (TSX:CUX)(AIM:CUX.L) ("Centurion") announced today that Shell West Manzala GmbH and Shell West Qantara GmbH (collectively, "Shell") and Centurion have agreed to terminate the West Manzala and West Qantara Farm-in and LNG Co-operation Agreement. Accordingly, Centurion will gain ownership of a 100% working interest in these highly prospective exploration concessions.

Centurion also looks forward to completing the ongoing corporate transaction, under which Dana Gas PJSC ("Dana Gas") has offered to acquire all of Centurion's outstanding common shares at a price of $12 Canadian per share.

As a regional company, Dana Gas has its own strategic plans in Egypt and is committed to establishing a significant integrated gas business in the country, founded on Centurion's existing producing fields (El Wastani and South El Manzala) and the surrounding exploration acreage, including West Manzala and West Qantara.

Centurion expects the corporate transaction between Dana Gas and Centurion to close as planned, following the Special Meeting of the Centurion Security Holders which is scheduled to be held on the 8th January 2007.

Contact Information

  • Centurion Energy International Inc.
    Said Arrata
    Chairman and CEO
    (403) 263-6002
    or
    Centurion Energy International Inc.
    Paul McDougall
    VP Finance
    (403) 263-6002
    or
    Centurion Energy International Inc.
    Scott Koyich
    Investor Relations
    (403) 215-5979
    or
    Citigate Dewe Rogerson
    Martin Jackson
    +44 207 638 9571
    or
    Canaccord Adams Limited
    David Porter
    +44 20 7518 2777
    or
    Canaccord Adams Limited
    Tyler Broda
    +44 20 7518 2777