New Exploration Funding

RNS Number:9510O
Centurion Energy International Inc.
22 August 2003



Centurion Energy International Inc



                           CENTURION AND PETRO-CANADA
              SIGN AGREEMENT TO EXPLORE MELLITA PERMIT IN TUNISIA



Calgary, Alberta. 21 August 2003


Centurion Energy International Inc. ('Centurion') and Petro-Canada 
('Petro-Canada') announce that a Funding Agreement has been signed covering 
the Mellita Exploration Permit located offshore Tunisia and owned 100% by
Centurion's wholly owned subsidiary Ecumed Petroleum (Grombalia ) Ltd.

Under the terms of the agreement Petro-Canada Mellita Inc., a wholly owned
subsidiary of Petro-Canada, will become operator and will fund 100% of the cost
of an exploration program, up to US$13.5 million, in return for a 72.5% interest
in the 845,000 acre permit.  The exploration program will consist of up to 2274
km of 2D marine seismic, 75 km of 2D land seismic and the drilling of two
exploration wells; one offshore and one on Djerba Island. This transaction is
subject to final approval by the Tunisian authorities.

ETAP, the Tunisian State Oil Company, has the right to elect to participate for
up to 50% in the development of any discoveries made on the permit. In the event
of a discovery, Centurion and Petro-Canada would be reimbursed for exploration
costs equal to ETAP's participating interest and ETAP would pay its share of
future development costs.

The land seismic has already been acquired and the marine seismic program is
currently underway with completion expected during the first week of September.
Following processing and interpretation of the seismic, drilling locations will
be selected and drilling is likely to be conducted as early as the first half of
2004.

Said Arrata, President and CEO of Centurion stated that "Centurion is pleased
with the opportunity to explore our offshore Tunisian block jointly with one of
the largest fully integrated Canadian oil companies, and we look forward to a
successful joint operation with Petro-Canada in Tunisia."

In commenting on the signing, Norm McIntyre, President of Petro-Canada said 
"Petro-Canada's strategy is to expand its international business through the
acquisition of assets in which we have a significant working interest and, where
possible, as operator.  The Mellita opportunity is an excellent fit with this
strategy and adds new exploration in North Africa, one of our existing core
areas of activity."

Petro-Canada is one of Canada's largest oil and gas companies, operating in both
the upstream and downstream sectors of the industry in Canada and
internationally.  Its common shares trade on the TSX under the symbol PCA and on
the New York Stock Exchange under the symbol PCZ.

Centurion has been an active exploration and production company in Tunisia and
Egypt for many years through wholly owned subsidiaries. Its common shares trade
on the TSX under the symbol CUX and on London AIM under the symbol CUX.L.


LEGAL NOTICE - FORWARD LOOKING INFORMATION

This release contains forward-looking statements, including references to
drilling plans, construction activities, the submission of development plans,
seismic activity, refining margins, oil and gas production levels and the
sources of growth thereof, results of exploration activities, and dates by which
certain areas may be developed or may come on-stream.  These forward-looking
statements are subject to known and unknown risks and uncertainties and other
factors which may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such statements.  Such
factors include, but are not limited to: general economic, market, and business
conditions; interest rates; ability to access external sources of debt and
equity capital, industry capacity; competitive action by other companies;
fluctuations in oil and gas prices; refining and marketing margins; the ability
to produce and transport crude oil and natural gas to markets; the results of
exploration and development drilling and related activities; imprecision of
reserve and resource potential estimates; the company's ability to replace and
expand oil and gas reserves; fluctuation in foreign currency exchange rates; the
ability of suppliers to meet commitments; actions by governmental authorities
including increases in taxes; decisions or approvals of administrative
tribunals; changes in environmental and other regulations; risks attendant with
oil and gas operations; and other factors, many of which are beyond the control
of Petro-Canada and/or Centurion.  These factors are discussed in greater detail
in filings made by Petro-Canada and/or Centurion with the Canadian provincial
securities commissions and the Securities and Exchange Commission.  The use of
the term "potential reserves" in this release does not meet the guidelines of
the U.S. Securities and Exchange Commission for inclusion in documents filed
with the SEC. Readers are cautioned that the foregoing list of important factors
is not exhaustive.

Furthermore, the forward-looking statements contained in this news release are
made as of the date of this release, and  Petro-Canada and Centurion do not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise.  The forward-looking statements contained in this release
are expressly qualified by this cautionary statement.




Centurion Energy International Inc.
Said S. Arrata, President and CEO / or
Barry W. Swan, Senior Vice President, Finance and CFO
Tel:  [phone]
Fax: [phone]
email:  [e-mail]
Web:  http://www.centurionenergy.com


Holborn PR
Chris Steele/John Bick
Tel:  [phone]



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