Pioneer sees strong flow from three Tunisian wells

Source: Pioneer Resources

Pioneer Natural Resources Company (NYSE:PXD) successfully drilled three wells during the second and third quarters of 2010 in the company’s operated Cherouq Concession and Anaguid Permit in southern Tunisia

The El Badr-3 and the Cherouq-2 wells, located in the Cherouq Concession, and the Mona-1 well, located in the Anaguid Exploration Permit, were drilled in conjunction with Pioneer's joint venture partner ETAP and tested at a combined initial gross production rate of approximately 10,000 barrels oil equivalent per day (BOEPD) from the Silurian sandstone intervals. The Mona well is a significant Silurian discovery in the Anaguid Permit and opens up a number of new exploration opportunities in this area. Production from all three wells is expected to be flowing to sales by early next year. 

Based on the successful results of these three wells, Pioneer has elected to exercise options on its two existing drilling contracts and will drill two additional appraisal wells this year. Pioneer anticipates that after drilling and completing these two wells, the Company’s net production from Tunisia will be in the range of 8 MBOEPD to 9 MBOEPD by early 2011. 

Scott Sheffield, Chairman and CEO, stated, "We are very excited to have successfully drilled three highly productive wells in our two operated blocks in southern Tunisia. These successes are in large part a product of new 3-D seismic reprocessing by our geoscientists over these two blocks, which identified these three prospects and significant additional resource potential. After the results of the two additional appraisal wells are known, a forward plan for Tunisia will be announced.” 

Pioneer has a 50% interest in the Cherouq Concession and will have a 30% interest in the concession derived from the Anaguid Permit. ETAP will have a 50% interest in both concessions. Medco will own the remaining 20% interest in the Anaguid Concession.

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