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Toronto Star: Shell buys Centurion properties

Mar. 21, 2006. 01:00 AM
CALGARY—Global energy giant Royal Dutch Shell PLC has bought up to half of Centurion Energy International Inc.'s key exploration properties in the Nile Delta in Egypt in a deal that could be worth up to $260 million (U.S.).
Centurion announced yesterday it had signed an agreement with two Shell units in Egypt to farm out a 50 per cent interest in two Centurion-operated exploration properties, the West El Manzala and West El Qantara concessions, in the Nile Delta.
Shell and Centurion will also co-operate in developing liquefied natural gas opportunities if enough gas is discovered on the exploration properties.
The farm-out to Shell is subject to certain conditions, including obtaining Egyptian government approvals.
Under the deal, Shell will initially pay Centurion $15 million and half of all future exploration and development costs for as long as the British-Dutch company remains a concession owner.
Canadian Press

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