Centurion Energy Continues to Show Strong Results
12:17 EST Wednesday, November 29, 2000
CALGARY, ALBERTA--Centurion Energy International Inc. (TSE: CUX) announces continued strong financial
performance in the quarter and nine months ending September 30, 2000, as a result of new production coming onstream
from the company's Al Manzah field in Tunisia as well as continued high oil prices.
Oil and gas sales revenue for the nine months ending September 30, 2000 increased 43% to $18.3 million compared to
$12.8 million in 1999.
Earnings for the same period increased more than three-fold to $6.2 million as compared to $1.6 million in 1999, resulting
in earnings per share (basic) of $0.10.
Cash flow for the nine month period increased 69% to $12.5 million in 2000 compared to $7.4 million in 1999. Cash flow
per share (basic) increased to $0.20 from $0.16 per share in 1999.
AL MANZAH FIELD BOOSTS PRODUCTION IN TUNISIA
During the third quarter, the Al Manzah 2 well was completed and tested at rates up to 9,000 bopd. In October, it
commenced production at 4,000 bopd gross (1500 bopd net). A location for the next development well, Al Manzah 3, has
been selected; drilling is expected to begin in December.
The Al Manzah field is located in Centurion's Grombalia concession, which covers over 500,000 gross acres in northern
Tunisia. Centurion plans to conduct a 100 km seismic program to help confirm further exploration prospects in the
concession. Centurion's plans for 2001 include drilling at least one exploration well on the Grombalia block.
Centurion's current production from its Tunisian fields is 7,100 bopd gross (3,031 bopd net).
FIRST PRODUCTION FROM EL WASTANI FIELD IN EGYPT EXPECTED IN Q2/2001
In Egypt, Centurion is implementing an aggressive plan to develop and explore its El Manzala concession over the next 18
months. A Plan of Development for the El Wastani area in the northern sector of the concession has now been approved.
The re-entry drilling of the El Wastani 2 well commenced during October. Centurion's first re-entry well on the field, El
Wastani 1, production tested at a rate of 12.1 mmcf/d of natural gas and 315 bbls/d of condensate. After confirming
deliverability from the El Wastani 2 well, Centurion expects to start construction of two pipelines to carry gas and
condensate to processing facilities located 22 km to the west of the El Wastani Field.
First production from El Wastani is expected by the end of the second quarter of 2001. Centurion plans additional drilling in
the El Wastani area and in the Abu Monkar area located in the southern sector of the concession.
Financial and Operating Highlights
Third Quarter Nine Months
Canadian dollars 2000 1999 2000 1999
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Oil & gas sales ($MM) 6.8 6.0 18.3 12.8
Sales price per bbl ($) 41.56 29.00 38.85 22.40
Cash flow ($MM) 4.5 3.8 12.5 7.4
Per share, basic ($) 0.07 0.08 0.20 0.16
Per share, fully diluted ($) 0.07 0.06 0.19 0.12
Earnings ($MM) 2.2 1.4 6.2 1.6
Per share, basic ($) 0.04 0.03 0.10 0.03
Per share, fully diluted ($) 0.04 0.03 0.10 0.03
Production (average bopd) 1,980 2,460 1,900 2,490
Production (total bbls) 180,000 226,000 513,000 680,000
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 that could cause the actual results to differ materially from those anticipated. |
