Hello Dan: Good Point. Look at Laidlaw. Billions of $$$$$$$$ in debt. Try to buy at .18. Shut Out. Today it was up .15..oh well..
I wrote Mr Arrata (What a professional gentleman to deal with---He's a CLASS-ACT) and got this response in regard to the lastest news release..I took your advice and postioned myself with more stock . My cost average is still showing a nice profit..GOT TO LIKE THIS COMPANY. I am very pleased with my money in this play..Good Dayyyyyyyy Ronald
Ronald,
Thank you for your interest in the company. I have provided responses
directly in the e-mail you sent.
If you need further clarification, please let me know.
Regards. Andre
Hello Mr Arrat: Good to hear from you. I must be a real pest at times but
I
do have a few questions if your valuable time permits.
1) What , if any does the Crisis in Isreal have on the company's future
growth expectations?
[Andre Arrata] I don't see any immediate or long term negative impact, and
I do not forsee that production from North African countries will be
affected either.
2) Re-entry of El Wastani #2:
a) What is the production rate expected? [Andre Arrata] Until we
test the re-entry we won't have a clear picture. The well did test 22
mmcf/d when it was originally drilled. If the original test number holds,
the well might produce at 7-10 mcf/d
b) Did this well produce in the past and at what rate? [Andre Arrata]
See above.
c) What are current reserves of the is well? [Andre Arrata] Reserves
are not booked for El Wastani #2.
d)What percent is owned by the company (CUX)? [Andre Arrata]
Centurion holds a 100% working interest in the field. The Egyptian
government does receive production (approximately 50 %). Centurion does
not pay royalties or taxes in Egypt and does recover 100% of exploration
and development costs .
3) Al Manzah #3 development well:
a) What is the current reserves of this well? [Andre Arrata]
Reserves are assigned to the Al Manzah field. Al Manzah #3 will help to
move some of the probable reserves into the proven reserves, and more
importantly will help turn reserves into cash flow. Centurion's share of
the reserves for the Al Manzah field are approximately 2.5 mmbbls proved
and 3.2 mmbbld probable.
b) What is the production rate expected? [Andre Arrata] Our original
estimates were for 2,000 bopd gross. Based on production at Al Manzah #2
this number may be higher, however we will need to wait until drilling is
complete to have an accurate picture.
c) Did this well produce in the past and at if so at what rate? [Andre
Arrata] This is a new development location which has not been previously
drilled/produced.
d) What percentage is owned by the company ( CUX)? [Andre Arrata]
Centurion owns 37.5% of this well.
4) With these wells expected to spud in November, will the company's exit
rate of production exceed the 4000barrels as indicated in your previous
releases? [Andre Arrata] Based on production from Al Manzah #3, we do
believe that exit production could meet if not exceed the 4000 bopd
indicated. Production from El Wastani #2 will not be onstream until mid
2001.
5) How are negotiations with the the Tunisian and Egytian Governments
proceeding for further developments of your land holding both on shore and
off? [Andre Arrata] Centurion has been very pleased with the speed of
negotiations in Egypt regarding the gas pricing agreement and we anticipate
similar successful negotiations to come to conclusion in the near future
regarding a gas sales agreement.
In Tunisia, Centurion and ETAP are discussing possible options to drill the
deep Triassic location in Ezzaouia. Other than these points there are no
other negotiations taking place.
6) Also in regard to other Joint Venture Partners to developnment your
Holdings: What progress is being made? [Andre Arrata] This is relevant
for the deep Triassic play (Ezzaouia) and is dependent in part on the type
of deal we can structure with ETAP. I can't be more specific save to say
we are discussing drilling of the play with potential partners that may
include ETAP.
I thank you for your time and patience in these matters and look forward to
hearing from you..Good Dayyyyyy Ronald
----- Original Message -----
From: "Andre Arrata" <ArrataA@centurionenergy.com>
Sent: Thursday, October 12, 2000 10:25 AM
Subject: Centurion Energy News Release - Centurion Energy Puts Al Manzah
No.
2 on Production
> October 12, 2000
>
> Calgary, Alberta -- Centurion Energy International Inc. (TSE: CUX)
announces
> that the evaluation program for the Al Manzah #2 development well located
on
> the company's Grombalia Permit in Tunisia has been completed.
>
> The Al Manzah #2 horizontal well has flowed at rates from 1,500 bopd to
> 9,000 bopd and the well has been put on production at a rate of 4,000
bopd.
>
> Drilling preparation continues for the second development well, Al Manzah
> #3, which is expected to spud in mid November. The Al Manzah #3 well
will
> also be a horizontal well.
>
> Centurion Energy is the operator of Grombalia Permit through its
subsidiary
> Ecumed Petroleum and owns 37.5% net working interest in the Al Manzah
field.
>
> In addition to the development drilling in Tunisia, Centurion is
preparing
> for a re-entry well on the El Wastani field in Egypt. A drilling rig has
> been contracted for the El Wastani #2 re-entry well which is expected to
> spud in early November.
> - 30 -
>
> Certain statements in this press release constitute forward looking
> statements. The information in this press release is based on Centurion
> Energy's current information, expectations and assumptions, and is
subject
> to a number of uncertainties and risks which could cause the actual
results
> to differ materially from those anticipated. Such risks include, among
> others, the risk that production flow rate could be materially less then
the
> flow rate tested and the uncertainty as to the timing of the commencement
of
> production and continuing production levels.
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> For More Information:
> Said S. Arrata, President and CEO
> OR
> Barry W. Swan, Senior Vice President, Finance and CFO
> Tel: (403) 263-6002 / Fax: (403) 263-5998
> E-mail: contact@centurionenergy.com
> Web: centurionenergy.com
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>
> Centurion Energy International Inc. is an emerging exploration company
> engaged in oil and gas exploration, development, and production.
Centurion
> owns 1.7 million net acres of development and exploration land in Tunisia
> and Egypt. The company trades on the Toronto Stock Exchange under the
> symbol CUX. Visit our website at: centurionenergy.com
>
> To unsubscribe to this mailing list, please reply to this e-mail with the
> Subject heading; Remove.
> |
