Pioneer Natural Resources confirmed the announcement by the Nigeria -
Sao Tome and Principe Joint Development Authority (JDA) that its
subsidiary, Pioneer Resources Africa Limited, has been offered the
right to conduct exploration activities in Blocks 2 and 3 of the Joint
Development Zone (JDZ) in offshore Sao Tome and Principe and Nigeria.
The Company is awaiting official notification from the JDA.
Pioneer is part of a consortium with Devon Energy and
ERHC Energy Inc. which was offered 65% interest in Block
2 and 25% interest in Block 3. Upon receipt of the official notice of
the offer, the Company will determine its next steps regarding the
negotiation of a joint operating agreement with the other offerees and
an acceptable production sharing contract with the JDA.
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