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Michael Smedley Centurion Energy International CUX-T BUY Oct 11, 2005

Have a couple of big plays with Petro Canada (PCA-T) in the Melita play in Tunisia and are a significant land holder offshore of Nigeria as well as their large holdings in Egypt. Thinks they are heading for 70,000 barrels which is a big number.

Michael Smedley

Owned

Unlock Rating

$12.250

Stock price when the opinion was issued

oil gas

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DON'T BUY

Drilled some dry holes and there is some worthy now that if they drill a couple of more, then Shell International would pull out of the project.

WAIT

Has dropped because of 3 dry and abandoned wells. Going to try and get bigger, stronger casings that can handle the pressures. Going to restart in Q1. With their 32,000 BOE's a day should do about $1.35 annualized cash flow. Under $6, it is very cheap. Buy in Q4 of 06.

HOLD

For a prospective development, it looks very promising. Doesn't follow closely but isn't a big fan of foreign entities.

HOLD

Starting to improve again. It has to come with bigger and better results. Will have to share a light of its production with the Egyptian government.

HOLD

Changed the operating chief. Not a favourite buy at the moment.

BUY

The company has had execution problems. If they can overcome these problems there will be an upside. At $7.00 it is a buy and he recommends buying it. Target price is $15.00.

SELL

Normally, the stock would trade at $12.25 if the market thought there was a chance of another offer. Feels there’s a very low chance of another offer.

PAST TOP PICK

(A Top Pick Nov 11/05. Up 13.8%.) Being acquired at $12, which is a fair bid.

HOLD

Gas in Egypt. Has gone through a troubled time. There is reasonable speculation going on that there might be someone else to make a bid.

PAST TOP PICK

(A Top Pick Jan 11/06. Down 4.8%.) Has been acquired.

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Michael Smedley Centurion Energy International CUX-T BUY Oct 11, 2005

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