Statement re. Press Comment

RNS Number:7483S
Centurion Energy International Inc.
02 December 2003


NEWS RELEASE

DATE:  December 2, 2003



     Response to The Globe & Mail News Article Regarding Tunisian Inventory



Centurion Energy would like to clarify its Tunisian Oil Inventory situation in
response to a news story published on Saturday, November 29, 2003 in the Market
Movers section of The Globe & Mail.



Centurion does not have a "clot" of oil inventory in Tunisia as described in the
article.  In fact there is nothing unusual about the oil inventory level at the
end of the third quarter, which arose from a normal operational timing issue.
The inventory situation will occur periodically because the oil is sold by
filling a marine crude oil tanker with a minimum cargo of 160,000 barrels.  At
the end of Q3, there was not sufficient oil inventory to fill a tanker. The oil
was shipped when inventory reached the threshold volume in mid November.
Therefore the earnings and cash flow that could not be recognized for the
inventoried oil in the third quarter, in accordance with Generally Accepted
Accounting Principles, will be reflected in the fourth quarter when the oil was
actually loaded on a tanker and sold.



                                      -30-

For More Information:
Said S. Arrata, President and CEO,  or
Barry W. Swan, Senior Vice President, Finance and CFO
Tel:  [phone]  /  Fax: [phone]   /  E-mail:
[e-mail]
Web:  http://www.centurionenergy.com


Chris Steele / John Bick
Holborn
Tel: [phone]


David Newton / Joe Nally
Williams de Broe
Tel: [phone]






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