ANGOLA ALGERIA CAMEROON CHAD. CONGO EGYPT.. EQUATORIAL GUINEA GABON LIBYA. NIGERIA SOUTH AFRICA SUDAN TUNISIA OTHERS
05-11-2007
Exceed Capital Holdings Ltd. ("Exceed") issues an update of its Tunisian operation (the "Jorf Prospect"). The operator
has signed a contract with Great Wall Drilling Company Tunisia to drill a 2,500 meter well in the Jorf Prospect, which is
expected to commence in July 2007.
Under the terms of Exceed's agreement with the operator, Exceed will pay 15% of drilling and completion costs to earn
a 10% interest in the first identified drillable structure, with a further option to farm-in on drilling into other structures
within the concession on the same terms. In preparation for the upcoming drilling, the operator has already acquired
long delivery items such as wellhead, casing and related equipment.
Two major separate anomalies within an extensive reef development area were previously identified through the
interpretation of approximately 2,000 kilometers of existing seismic data. The two identified anomalies are interpreted
as being large reef build-ups of upper to lower Permian age, with significant thickness and lateral extent.
Processing of recently acquired 166 km 2D seismic is expected to be completed soon. The new seismic data will be
interpreted and integrated with older data and used to determine which anomaly to drill first and to finalize the exact
well location.
The Jorf Prospect, located onshore south-central Tunisia, encompasses an area of approximately one million acres.
The northern boundary of the Jorf Prospect is within 35 kilometres of the Gulf of Gabes. Major oil and gas pipelines from
the giant El Borma oil and gas field and other southern Tunisian oil fields traverse the Jorf Prospect (within 10 to 40
kilometres respectively from either of the two potential locations) and connect to the La Skhira oil terminal in the Gulf of Gabes.