Issue of Equity

RNS Number:4226R
Centurion Energy International Inc.
29 October 2003





                      CENTURION ENERGY INTERNATIONAL INC.


        CENTURION PLACES 4,900,000 COMMON SHARES WITH CANADIAN INVESTORS

Centurion Energy International Inc. ("Centurion" or the "Corporation") (TSX:
CUX; AIM: CUX.L) is pleased to announce that further to its previous press
release of October 22, 2003 announcing the placing of 4,742,254 common shares
with European investors, it has now closed a private placement to Canadian and
offshore subscribers (the "Canadian Offering") of a further 4,900,000 common
shares at a price of CDN $2.05 per common share for gross proceeds from the
Canadian Offering of CDN $10,045,000. As a result of the closing of the Canadian
and European offerings, the Corporation has issued an aggregate of 9,642,254
common shares for aggregate gross proceeds of CDN $19,766,621. The Common Shares
from the Canadian and European offerings, which will rank pari passu with the
existing common shares, will represent 13.26 per cent of the Corporation's
enlarged common share capital.

Net proceeds of the offering will be used by the Corporation for planned
acquisitions of proved, producing oil and gas properties in its current
operating regions as well as ongoing exploration and development activities.

Conditional approval for the listing of the Common Shares from the Canadian
Offering has been received from the Toronto Stock Exchange. An application will
be made for the Common Shares from the Canadian Offering to be admitted to
trading on the Alternative Investment Market of London Stock Exchange plc and
such admission is expected to become effective on 3 November 2003.

The Canadian Offering was a best efforts financing concluded by Octagon Capital
Corporation and Maison Placements Canada Inc.

Centurion Energy International Inc. is a Canadian oil and gas exploration
company actively engaged in international exploration and development
activities, primarily in North Africa. The Corporation's common shares trade on
the Toronto Stock Exchange and on the Alternative Investment Market of London
Stock Exchange plc.

This news release shall not constitute an offer to sell or the solicitation to
buy the securities in any jurisdiction. The common shares will not be and have
not been registered under the United States Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.

Certain statements in this News Release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or achievements
expressed or implied by such forward looking statements.


For further information contact Said S. Arrata, President and CEO, or

Barry W. Swan, Senior Vice President and CFO of the Corporation;
Tel: [phone]
Fax: [phone]
E-mail: [e-mail]
Web: http://www.centurionenergy.com


or


Joe Nally of Williams de Broe Plc
Tel: [phone]






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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