To date, a 100% drilling success rate has been achieved in the Adam concession which includes the Adam, Dalia and Hawa producing areas. Pioneer holds a 28% participating interest in the concession operated by ENI.
These producing areas lie in the prolific Ghadames Basin which spans much of northern Africa including Algeria, Tunisia and Libya. Over the next 90 days, the Company expects to continue to increase production with a third well expected to be drilled and completed in the Adam area.
Scott D. Sheffield, Pioneer's Chairman and CEO, stated, "Entering Tunisia in 2001, we saw opportunity to test significant resource potential in a prolific onshore hydrocarbon basin without significant upfront financial investment. We are still in the early days of testing this potential and have already added significant value from our drilling program and have actively expanded our acreage position."
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