Pioneer announces discovery in Tunisia
The Dallas-based Pioneer Natural Resources Company announced a successful exploration well in the Borj Al-Khadra permit in the Ghadames basin onshore southern Tunisia. The well, the Adam 1, encountered several oil and gas productive zones in the Silurian Acacus sand at a depth of approximately 3,000 meters.
The primary zone tested at approximately 3,500 barrels of 41 degree API oil per day. A secondary zone tested at 250 barrels of oil per day. Two other zones are expected to be tested during completion.
Pioneer, through a wholly owned subsidiary, has a 40 percent interest in the well. AGIP Tunisia BV, a wholly owned subsidiary of Eni, is operator with a 50 percent interest and Paladin Expro Limited has the remaining 10 percent interest.
The Tunisian state oil company, ETAP, is carried through the exploration phase of activity, and has a right to back in for up to a 50 percent interest in any development by reimbursing its share of past expenditures from production revenues.
The field development plan contemplates connecting to Eni's existing facilities 12 kilometers southwest of the location, pending partner and government approval. Pioneer is the third largest permit holder onshore Tunisia with permits covering approximately five million acres.
"We have built a large exploration position in Tunisia where we have several prospects that target the Silurian and TAGI sands which extend into Tunisia from Libya and Algeria, respectively. These early results have exceeded our expectations, and we are very encouraged as we look ahead with plans to drill five to six wells over the next year," Scott Sheffield, chairman and CEO, stated.
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. — (menareport.com)
© 2002 Mena Report (www.menareport.com)