Centurion Energy Receives Approval for Egyptian Gas Sales.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Dec. 18, 2000 Centurion Energy International Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CUX CUX Corporate University Xchange (provides education research, benchmarking and advisory services to corporate America) .) announces that formal approval has been received from the Egyptian Government for the El Wastani Plan of Development for a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. and for processing tariff arrangements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the El Wastani gas and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 #2, Centurion's second re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the well in the field, was recently completed for production. The drilling rig moved off the lease on December 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 kilometers 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 8 km northeast of El Wastani field, was recently received. Centurion plans to start producing from two wells in the El Wastani field by mid-year 2001 at an anticipated initial production rate of approximately 12 mmcf/d (1200 boe/d). The El Wastani field is located on Centurion's 420,000 acre El Manzala Concession that is located in Egypt's prolific Nile Delta The Nile Delta (Arabic:دلتا النيل) is the delta formed in Northern Egypt where the Nile River spreads region. Centurion owns a 100% 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. Headquartered in Calgary, Centurion Energy is also involved in exploration and development in Tunisia. 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. |
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