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Pioneer Expands Position in Tunisia

Dallas, Texas, July 3, 2022 Pioneer Natural Resources Company (Pioneer) (NYSE:PXD) (TSE:PXD) announced that subject to Tunisian government approval its subsidiary, Pioneer Natural Resources Anaguid Ltd., has entered into definitive agreements with Coho Anaguid, Inc., a subsidiary of Coho Energy, Inc. (OTC:CHOH), Anadarko Tunisia Anaguid Company, an indirect wholly-owned subsidiary of Anadarko Petroleum Corporation, (NYSE:APC) and Nuevo Energy Company (NYSE: NEV) to jointly acquire Coho's 45.83% participating interest in the Anaguid permit in the Ghadames basin onshore southern Tunisia. Pioneer will join Anadarko, the operator of the permit, and Nuevo in exploring the 1.1 million-acre permit. With the acquisition from Coho of a 30% participating interest, Pioneer will bear its share of the cost of at least one exploration well, reimburse its share of 2001 seismic and geologic costs and assume other existing obligations of Coho's interest in the permit.

The next exploratory well in the Anaguid permit will target the TAGI sand play. In early 2001, Pioneer targeted the TAGI sand play of the Ghadames basin as a strategic addition to its existing exploration program. In May 2001, Pioneer entered Tunisia by acquiring the rights to explore 2.7 million acres in the Bazma, Jorf and El Hamra permits, where Pioneer's first well is currently drilling in the Bazma permit. The TAGI sand play extends into Tunisia as evidenced by the billion-barrel El Borma field and is on trend with giant TAGI fields in Algeria, including Anadarko's Hassi Berkine field. The Anaguid permit is adjacent to the El Borma field and several smaller fields and offers well-developed pipeline infrastructure with access to oil and gas markets.

Scott D. Sheffield, Chairman and CEO, stated, We are pleased with the extensive position we have assembled in this prolific play. This new position combines significant reservoir potential, low entry cost, a strong business climate and experienced partners to create a unique opportunity to add shareholder value.

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, 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 oth6:28 PM 7/30/01er risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.


Important Legal Information© 1998 Pioneer Natural Resources Company
This information was published Tuesday, July 03, 2022
This page was last updated Tuesday, July 03, 2022

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