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Gold/Mining/Energy : Centurion Energy Intl Inc

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From: Cal Gary	3/15/2006 9:55:19 AM
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Centurion Energy to buy rest of Nile Delta concessions Centurion Energy International Inc (TSX:CUX) Shares Issued 88,577,185 Last Close 3/14/2006 $12.10 Wednesday March 15 2006 - News Release Mr. Said Arrata reports CENTURION INCREASES LAND HOLDINGS IN EGYPT Centurion Energy International Inc. has entered into an agreement with CTIP Oil and Gas Ltd., a private United Arab Emirates company, pursuant to which Centurion will acquire a 25-per-cent participating interest in the West El Manzala concession and West El Qantara concessions, located in the Nile Delta region of Egypt. Following the closing of this acquisition, Centurion will hold a 100-per-cent participating interest in each of these concessions. Under the terms of the acquisition agreement, Centurion has agreed to pay $20-million (U.S.) and to issue one million common shares at a price of $12.10 per share for the concession interests. Centurion has agreed to pay additional payments that could total up to a further $25-million (U.S.) as and when specific discovery volumes and development objectives are met. Centurion has also granted a 3-per-cent net profits interest to CTIP on future production from the concessions. Closing of the transaction, which is subject to Egyptian government approval, is expected to occur within the next 30 to 60 days. The acquisition price will be financed by a combination of debt and working capital. President and chief executive officer Said Arrata stated: "The acquisition of the balance of the interest in the West Manzala and West Qantara concessions, in addition to the previously announced deal to acquire a 50-per-cent interest in an additional 1.3 million acres in three concessions adjacent to our Nile Delta landholdings, is consistent with our gas marketing strategy. Controlling a significant land base in the Nile Delta gas play will allow Centurion to access Egypt's growing LNG industry." © 2006 Canjex Publishing Ltd.

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