RNS Number:9877Q
Centurion Energy International Inc.
16 October 2003

                      Centurion Energy International Inc.

               CENTURION ANNOUNCES FINANCING IN EUROPE AND CANADA

Centurion Energy International Inc ("Centurion" or the "Corporation") (TSX: CUX;
AIM: CUX.L) is pleased to announce that it has entered into an engagement letter
with Williams de Broe PLC, ("Williams de Broe") and a separate engagement letter
with Octagon Capital Corporation ("Octagon") (collectively the "Agents")
pursuant to which the Agents have agreed to act as agents of the Corporation for
the issuance on a private placement of up to approximately 9.0 million common
shares at an issue price of CDN $2.05 per share, resulting in gross proceeds to
the Corporation of up to approximately CDN $18 million.

This transaction is subject to certain conditions in both jurisdictions,
including normal regulatory approvals, the signing of a placing agreement in
Europe with Williams de Broe and the signing of an agency agreement in Canada
with Octagon. The common shares will be offered on a best efforts basis in
Alberta, British Columbia and Ontario through Octagon, and in Europe on a
reasonable endeavours basis through Williams de Broe. Closing is anticipated to
occur in late October, 2003.

Net proceeds of the offering will be used by the Corporation for planned
acquisitions of proved, producing oil and gas properties in its current
operating regions as well as ongoing exploration and development activities.

Centurion Energy International Inc. is a Canadian oil and gas exploration
company actively engaged in international exploration and development
activities, primarily in North Africa. The Company's common shares trade on the
Toronto Stock Exchange and on the Alternative Investment Market (AIM) of the
London Stock Exchange.

This news release shall not constitute an offer to sell or the solicitation to
buy the securities in any jurisdiction. The common shares will not be and have
not been registered under the United States Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.

Certain statements in this News Release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or achievements
expressed or implied by such forward looking statements.


For further information contact Said S. Arrata, President and CEO, or
Barry W. Swan, Senior Vice President and CFO of the Corporation;

Tel: (403) 263-6002
Fax: (403) 263-5998
E-mail: info@centurionenergy.com
Web: http://www.centurionenergy.com

or

David Newton or Joe Nally of Williams de Broe
Tel: 44 (0) 207-588-7511



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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