Hello Dan: My thoughts also. Oh well the company is moving ahead with their projects..Gas equivilant to an additional 1200 barrels per day..This in additional to current production. Looking very good.....Good dayyyyyyy Ronald
Centurion receives approval for Egyptian gas sales
Centurion Energy International Inc CUX
Shares issued 62,743,563 Dec 15 close $0.85
Mon 18 Dec 2000 News Release
Mr. Said Arrata reports
Formal approval has been received from the Egyptian government for the El
Wastani plan of development for a gas sales contract and for processing
tariff arrangements relating to the El Wastani gas and condensate field.
"The formal approval of arrangements for the sale of our first production
in Egypt is a very exciting milestone for Centurion," stated Said Arrata,
president and chief executive officer of Centurion Energy. "Egypt has
tremendous production upside for our company and these approvals allow us
to aggressively move forward to convert El Wastani reserves into cash
flow."
El Wastani No. 2, Centurion's second re-entry well in the field, was
recently completed for production. The drilling rig moved off the lease on
Dec. 5 and it is planned the well will be put on test early this week.
The next step will be to construct two pipelines to carry gas and
condensate to processing facilities located 22 kilometres to the west of
the El Wastani field. Centurion is planning to drill more wells in the El
Wastani area in 2001-2002 to increase production. Approval to drill the
next location, East El Wastani -- located eight kilometres northeast of El
Wastani field, was recently received.
Centurion plans to start producing from two wells in the El Wastani field
by midyear 2001 at an anticipated initial production rate of approximately
12 million cubic feet a day (1,200 barrels of oil equivalent a day).
The El Wastani field is located on Centurion's 420,000-acre El Manzala
concession that is located in Egypt's prolific Nile Delta region. Centurion
owns a 100-per-cent working interest in the El Manzala concession.
In the Abu Monkar area, located in the southern sector of the El Manzala
concession, Centurion has received preliminary approval for its plan of
development for the Abu Monkar discovery, which includes plans to construct
a 55-kilometre pipeline to tie-in gas to the national gas line. Centurion's
second well in the Abu Monkar area has been approved by the Egyptian
government authorities.
Drilling tenders have been sent out, to drill the next locations in Egypt.
The tender package includes three firm wells and four optional wells. It is
expected the drilling bids will be received within the next seven days.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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