History
Centurion was formed in 1997, through the amalgamation of two junior Canadian oil companies, Eagle Energy Corporation and Canadian Leader Energy Inc.
At the time of the merger, Canadian Leader held properties in Canada and Eagle Energy held properties in Tunisia through the acquisition of three companies from Marathon Oil. With new management on board, the decision was made to focus the new company on international operations.
North Africa was selected as the region where Centurion’s efforts would be focused because of the company’s existing exploration and production base and its familiarity with the policies, culture and business, geology and exploration targets there. As a result, the company sold its properties in Canada and continued to expand its asset base in North Africa.
Centurion entered the Egyptian oil and gas industry in 1997 when it undertook a farm-in from Marathon Petroleum to earn a 40% interest in the El Manzala Concession in the Nile Delta. Following discoveries at El Wastani and Abu Monkar, Centurion purchased the remaining 60% interest in the Concession from Marathon in 2000. The El Wastani, East El Wastani and South Manzala Development Leases selected out of the El Manzala Concession came on production in 2002 and Centurion operates the properties through El Wastani Production Company (Wasco), the operating company owned jointly by Centurion and the Egyptian General Petroleum Company.
The company sold its non-core producing properties in Tunisia in April 2005, but retained its exploratory interests in the offshore Mellita Permit and the right to participate in the first exploration well drilled on the Ezzaouia and El Biban Concessions.
In January 2007, Centurion completed an arrangement which resulted in the company becoming an indirect wholly-owned subsidiary of Dana LNG Ventures and becoming the upstream division of Dana Gas PJSC.