Canada's Centurion Energy posts $11 million earnings for 2003
Canada's Centurion Energy posted earnings of $11 million for 2003 compared to $6.5 million in the previous year. Increases in production volumes and continued high oil prices in 2003 translated into a $17.4 million increase in net sales over 2002, a 51 percent increase.
Centurion Energy is focused on exploration and production in North Africa. The company currently holds interests in an exploration and production concession in Tunisia and exploration concessions in Egypt.
Cash flow for 2003 was $32 million compared to $22.1 million in 2002. Combined operating, general and administrative and interest costs increased by only 12 percent over 2003, reaching $1.6 million.
Centurion Energy, through it's wholly owned subsidiaries, Ecumed Petroleum Tunisia, Ecumed Petroleum Zarzis and Ecumed Petroleum Grombalia operates five concessions in Tunisia. In Egypt, Centurion holds a 100 percent working interest in the El Manzala concession and recently acquired Komombo Block #2 and is operator of these concessions.
Centurion also has a 30 percent non-operating working interest in the West Gharib Concession near the Gulf of Suez and a 25 percent working interest in the Central Sinai Concession in the Sinai Desert. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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