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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Centurion sells Tunisia assets



By Upstream staff 

Calgary-based Centurion Energy International has entered into an agreement with Candax Energy to sell its Tunisian producing properties for C$41.2 million ($33.2 million), plus working capital interests effective 1 January 2005.

Centurion's ownership in the Mellita Permit in Tunisia and the accompanying PetroCanada farm-out are not included in the sale of the Tunisian assets.

Additionally, Centurion retains the right to participate for up to 50% of Candax's resultant working interest in any Triassic exploration well drilled at either or both of the Ezzaouia and El Bibane concessions.

The sale is anticipated to close by April 30, 2005, subject to certain conditions.

"The divestiture of mature producing properties in Tunisia is part of Centurion's strategy to concentrate its financial and manpower resources on higher-impact plays," the company said in a statement.


Monday, 28 February, 2005, 15:11 GMT  | last updated: Wednesday, 27 April, 2005, 15:44 GMT

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