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Pioneer Adds Acreage in Tunisia; Expects First Well in July
DALLAS--(BUSINESS WIRE)--June 27, 2002--Pioneer Natural Resources Company ("Pioneer")(NYSE:PXD) (TSX:PXD.) announced that it has entered into definitive agreements with Gulf Canada Tunisia Limited ("Gulf Canada") to acquire Gulf Canada's 40% participating interest in the Borj El Khadra (BEK) permit in the Ghadames basin onshore southern Tunisia, subject to Tunisian government approval.
Pioneer will join AGIP Tunisia BV, the operator of the permit, and Paladin Expro Limited in exploring the 1.2 million acre permit. The BEK permit is adjacent to the Anaguid permit operated by a subsidiary of Anadarko Petroleum Corporation, (NYSE:APC) where Pioneer holds a 30% participating interest. Pioneer also holds 50% and is operator of the Bazma, Jorf and El Hamra permits to the north. All referenced participating interests are subject to government participation. Following government approval of this acquisition, Pioneer will be the third largest permit holder onshore Tunisia with permits covering approximately five million acres.
Scott D. Sheffield, Chairman and CEO, stated, "We believe this block is a great complement to our existing acreage position in Tunisia. The Silurian Acacus sandstone play active in Libya and the prolific TAGI sandstone play in Algeria that extend into southern Tunisia offer exciting exploration targets on our extensive acreage position."
Pioneer expects to participate in the next exploratory well in the BEK permit, anticipated in July 2002, targeting the Silurian Acacus sand play. The BEK permit borders the AGIP-operated Oued Zar concession where ten wells produce oil and gas from the Silurian Acacus sandstone as near as one kilometer from the BEK boundary.
The Silurian Acacus play is an emerging play in the Ghadames basin and offers many of the same advantages of the TAGI play already targeted by Pioneer, including proximity to existing production and infrastructure, prolific reservoirs and low development costs.
Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas. For more information, visit Pioneer's website at www.pioneernrc.com.
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer Natural Resources Company are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, foreign currency valuation changes, foreign government tax and regulation changes, litigation, the costs and results of drilling and operations, Pioneer's ability to replace reserves, implement its business plans, or complete its development projects as scheduled, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.
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