Centurion to acquire TransAtlantic concession stakes in Egypt

Centurion Petroleum Corp., the Egyptian arm of Centurion Energy International Inc., Calgary, has signed a letter of intent to acquire stakes in two concessions in Egypt from TransAtlantic Petroleum Corp.


By the OGJ Online Staff

HOUSTON, July 17 -- Centurion Petroleum Corp., the Egyptian arm of Centurion Energy International Inc., Calgary, has signed a letter of intent to acquire stakes in two concessions in Egypt from TransAtlantic Petroleum Corp.

Centurion Petroleum will acquire two TransAtlantic subsidiaries. It will acquire 30% of the onshore West Gharib Concession near the Gulf of Suez and a 25% working interest in the Central Sinai Concession in the Sinai Desert.

The transaction is subject to regulatory and director approval. It will be effective June 30.

Dublin International-operated Hana field in West Gharib Concession is producing 1,750 b/d of oil from eight wells. Centurion said there are undeveloped areas in the lower zones of the field. The field contains proved reserves of 1.8 million bbl.

The Central Sinai Concession contains a heavy oil discovery now being evaluated.

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