Centurion - charts & all

Here's the volumes (UK only)


Their web site is:
http://www.centurionenergy.com/

http://www.stockhouse.ca/bullboards/forum.asp?symbol=CUX&table=list

Recent news:
http://www.centurionenergy.com/i/pdf/2004-08-30_JCI.pdf
http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1091664000&feed=oilbarrel_en

News update sept 05..
http://www.advfn.com/p.php?pid=nmona&cb=1126621307&article=12457402&symbol=L%5ECUX

05.08.2004
Centurion Energy Raises Extra Cash To Fund Production Hike In Egypt
Calgary-based Centurion Energy International has reached an agreement with lead underwriter GMP Securities to raise C$20 million on a bought-deal financing basis, double the company’s original C$10 million target. The financing will involve the placement of 6,060,606 common shares at C$3.30 per common share. The other underwriters are expected to include Octagon Capital Corp, Jennings Capital, Maison Placements Canada and Orion Securities and efforts will focus on the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The financing is due to close on August 17.

“There’s a real appetite for international stories in North America and North Africa seems to be particularly well received among investors,” Centurion’s chief financial officer Barry Swann told oilbarrel.com. “The issue was significantly oversubscribed and even when we increased it there was more demand than what we had, so we had to cut people back.”

The cash will be used to fund an aggressive drilling programme on Centurion’s two production leases in the Nile Delta region of Egypt, where the company plans to hike gas production. The company has been in discussions with the Egyptian authorities about increasing its production volumes under the existing gas sales contracts for the El Wastani and South Manzala production leases. It has been granted permission to ramp up production to a maximum of 100 million cubic feet per day of gas (cf/d) plus 3,000 barrels per day (bpd) of condensates by mid-2005.

“This is quite a big jump up in production but we have already tied up one well that added 10 million cf/d on its own, so it’s not beyond what we can do,” said Swann.

That well was El Wastani-3, which started producing in July at a rate of 10 million cf/d and 300 bpd of condensates, taking total field output to 21 million cf/d and 750 bpd of condensates.

The company reckons it will need to spend more than US$100 million over the next 16 months to drill additional wells and add new infrastructure or expand existing facilities. The wells, which are drilled down to around 10,000 ft, cost about US$3 million each.

Centurion has had considerable success on its Egyptian acreage. The El Wastani field, for example, has proved, probable and possible reserves of 94 billion cubic feet of gas and 4 million barrels of condensates, the equivalent of 20 million barrels of oil. Centurion believes these additions to be conservative and the Calgary team puts the 3P reserve potential for the El Wastani structure at closer to 200 bcf and 8 million barrels of condensate or 41 million boe. Adding in the resource potential of additional exploration and development drilling prospects on the El Wastani and South Manzala production leases, Centurion reckons its could be sitting on a total of more than 650 bcf of sales gas and 23 million barrels of condensate. “That’s quite a sizeable reserve base and there’s also very large potential in the surrounding acreage,” said Swann.

The company is also active in Tunisia, where the Ezzaouia-15 development well on the producing Ezzaouia oilfield is currently drilling ahead. The well results should be ready in the next couple of weeks.