Centurion Declares Commerciality in El Wastani Field, Egypt.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--June 29, 2000

Mr. Said Arrata, President and CEO of Centurion Energy International Inc. ("Centurion") (TSE:CUX.) is pleased to announce that the company has declared commerciality for the El Wastani field in the El Manzala Concession in Egypt, and has received an approval in principle from the Egyptian General Petroleum Corporation (EGPC) for the Plan of Development (POD) of this field.

As part of the POD, Centurion has commenced with plans to re-enter the El Wastani #2 well in Egypt. Centurion has initiated tenders for a drilling rig to mobilize immediately and anticipates commencing the re-entry in the third quarter. The El Wastani #2 well was originally drilled in 1989 and tested 21.1 mmcf/d of gas, and 492 bbls/d of condensate, but was suspended due to a lack of market at the time.

The first re-entry well on the field, El Wastani #1, took place in 1998 and was tested at a rate of 12.1 mmcf/d of gas and 315 bbls/d of condensate. El Wastani #1 and El Wastani #2 will be the first gas wells to be placed on-stream in the field. Recoverable reserves from the El Wastani field, based on information provided by an independent third party, is placed at 20.00 bcf of gas and 0.50 mmbbl of condensate.

Centurion has entered into negotiations with a nearby gas processing facility to take El Wastani gas production, which will then be marketed through the national gas grid. Centurion currently anticipates that production from the El Wastani field will be on-stream by second quarter 2001, with initial production anticipated at 15 mmcfd.