Pioneer Announces Exploration Venture in Tunisia
Pioneer Natural Resources Company "Pioneer" announced that it has entered into definitive agreements with Eurogas Corporation to explore 2.7 million acres in the prolific TAGI sand play of the Ghadames basin onshore Tunisia, StockHouse Media Corporation reported.
Pioneer will earn a 50 percent 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.
According to the online news service, Pioneer has the option to operate the three permits after the drilling of an initial exploratory well (Douz number one) in the Bazma permit that spudded May 26, 2001.
Pioneer targeted the TAGI sand play, which 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 – Albawaba.com