Pioneer to acquire Gulf Canada’s interest in Tunisian oil permit
The Pioneer Natural Resources Company has entered into definitive agreements with Gulf Canada Tunisia Limited to acquire its 40 percent 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, the operator of the permit, and Paladin Expro 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, where Pioneer holds a 30 percent participating interest. Pioneer also holds 50 percent 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. Pioneer expects to participate in the next exploratory well in the BEK permit, anticipated in July 2002, targeting the Silurian Acacus sand play.
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.
Dallas-based 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. — (menareport.com)
© 2002 Mena Report (www.menareport.com)