29/09/2004
AIM resources star Centurion predicts gas production from Egypt could be running at 90m cubic feet a day by the end of this year, after its Gelgel 3 well flow-tested at 34m cubic feet a day from a 44 metre productive zone. Centurion, which raised 32m at 140p last month has seen its shares rocket from 57.5p when we recommended them in June last year to 332p and says tests suggest a significant increase to Gelgel's reserve potential. Centurion will now test deeper prospects and is pressing on at El Wastani in the Nile delta, where the company recently announced a 77% reserve increase to 94bn cubic feet of gas. Its target now is to add daily production of 200m cubic feet a day to its present Egyptian output and start production immediately from its Ezzaouia-15 well in Tunisia, which tested 1,520 barrels a day. Some partial profit taking would be prudent. But it is worth holding some for possible further strong gains.
| Market cap: | £201m |
| Share price: | 332p |
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