Exceed Capital Holdings Ltd. (TSX Venture Exchange: XED.A)
CALGARY, April 2 /CNW/ - Exceed Capital Holdings Ltd. ("Exceed") is
pleased to announce that the 164 km infill, 2D seismic program has been
completed over the Jorf prospect in Tunisia. The seismic program to determine
the final drilling location, focused on two major separate anomalies within an
extensive reefal development area, which had been previously identified
through the interpretation of approximately 2,000 kilometres of existing
seismic data. The two identified anomalies are interpreted as being large reef
build-ups with good characterisation of upper to lower Permian age, with
significant thickness and lateral extent.
Data processing is expected to be completed by mid-April. Once the new
seismic data has been interpreted and integrated with the existing data,
Exceed and the operator, in conjunction with the other Jorf partners, will
determine which anomaly will be drilled first. A drilling rig contract is
expected to be finalized shortly and the operator has already acquired long
delivery items such as wellhead, casing and related equipment necessary for
drilling of the well. Drilling is expected to commence in late June, 2007.
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.
The Jorf permit, located onshore south-central Tunisia, encompasses an
area of approximately one million acres. The northern boundary of the
exploration permit 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 block (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.
The common shares of Exceed Capital Holdings Ltd. are listed on the TSX
Venture Exchange under the symbol XED.A. There are 119,154,982 shares issued
Forward-looking Statements This press release contains forward-looking
statements and the reader is cautioned not to place undue reliance on these
statements, as there can be no assurance that the plans, intentions or
expectation upon which they are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown
risks and uncertainties, both general and specific, that contribute to the
possibility that the predications, forecasts, projections and other
forward-looking statements will not occur or that actual results would differ
materially from estimated or implied results. Additional information on these
and other factors that could affect Exceed's operations and/or financial
results are included in Exceed's reports on file with Canadian securities
regulatory authorities. Exceed does not assume any obligation to update these
forward-looking statements, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mr. Richard W. DeVries, President, Tel: (718)
874-8319, Fax: (403) 770-8810