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Centurion Energy buys oil and gas sites

LONDON: Canadian-based Centurion Energy International Inc. said on Wednesday it had bought a private U.S. firm with oil and gas operations in Egypt and Texas for $225 million. Centurion, which is listed in Toronto and on London s junior Alternative Investment Market (AIM), said the acquisition would add 8,200 barrels of oil equivalent per day …


LONDON: Canadian-based Centurion Energy International Inc. said on Wednesday it had bought a private U.S. firm with oil and gas operations in Egypt and Texas for $225 million. Centurion, which is listed in Toronto and on London s junior Alternative Investment Market (AIM), said the acquisition would add 8,200 barrels of oil equivalent per day (boepd) to output. The company had said last month that its current production in Egypt was around 41,500 boepd. The acquisition comprised four producing gas fields and a producing oilfield in Egypt s Nile Delta close to its principle existing gas operations, as well as nine producing gas wells in Texas. The company said it had paid $225 million in cash plus working capital and inventory less debt with the deal expected to be completed by April 30. Shares in Centurion were down 2 percent at 612-1/2 pence in London. Reuters

Topics: FJP

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https://dailyfeed.dailynewsegypt.com/2006/02/24/centurion-energy-buys-oil-and-gas-sites/
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