LONDON: Canada-based oil and gas explorer Centurion Energy International Inc said on Monday Shell was to take a 50 percent interest in two Centurion-operated exploration concessions in the Nile Delta.

Centurion, which is listed in Toronto and on London s junior Alternative Investment Market (AIM), said Shell would make an initial payment of $15 million and would pay 50 percent of all future exploration and development costs.

Shell has agreed to pay additional premiums that could total up to a further $225 million as and when specific discovery volumes and development objectives are met, the company said in a statement. Reuters