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Pioneer Announces Exploration Venture in Tunisia

Dallas, Texas, May 30, 2022 - Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) (TSE:PXD) announced that it has entered into definitive agreements with Eurogas Corporation (TSE: EUG) to explore 2.7 million acres in the prolific TAGI sand play of the Ghadames basin onshore Tunisia. Pioneer will earn a 50% participating interest in three permits (Bazma, Jorf and El Hamra) by drilling two wells over the next two years for an estimated cost to Pioneer of approximately $5.2 million. Pioneer has the option to operate the three permits after the drilling of an initial exploratory well (Douz #1) in the Bazma permit that spudded May 26, 2001.

Pioneer targeted the TAGI sand play, one of several world class plays in the Ghadames basin, as a strategic addition to its existing exploration program. The TAGI sand play is the most active exploration play in the basin, having added over four billion barrels of oil and gas reserves in the past 10 years. Recent giant field discoveries in the TAGI play in Algeria (Hassi Berkine and Qoubba) are on trend with the billion barrel El Borma TAGI field in Tunisia and suggest the potential for further significant extensions of the TAGI play into Tunisia.

The acreage offers well-developed pipeline infrastructure with excess capacity and access to oil and gas markets. TAGI reservoirs typically produce at high rates from relatively shallow depths resulting in low development costs. Pioneer has identified over a dozen prospects and leads on the acreage.

Scott D. Sheffield, Pioneer Chairman and CEO, stated, "We view the TAGI play in Tunisia as a great complement to our existing exploration program. With its high-quality onshore reservoirs at shallow depths and well-developed infrastructure with access to oil and gas markets, a discovery in this area could contribute to near- and mid-term production growth and cash flow."

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa and Gabon. 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 which may cause the Company'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, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, 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 the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.


Important Legal Information ©2001 Pioneer Natural Resources Company
This information was published Wednesday, May 30, 2022
This page was last updated Wednesday, May 30, 2022

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