Pioneer's position off the coast of Gabon covers approximately 314,000 acres, generally in water depths less than 100 feet. During 2002, Pioneer drilled three wells and successfully extended the oil accumulation the Company discovered on its Bigorneau South prospect on the Olowi Block in 2001. Pioneer is soliciting bids in order to finalize a plan of development and initiate infra-
structure assembly in 2005. Pioneer operates the Olowi block with a 100 percent working interest.

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