Pioneer Makes Another Discovery on Olowi Offshore Gabon

Pioneer Natural Resources has drilled another successful well on its Olowi Block offshore Gabon. The Olowi Marin-2 well was drilled to a total depth of 1050 meters approximately four kilometers southeast of last year's Olowi Marin-1 discovery well. After being cored and logged, the same Lower Gamba reservoir found in the discovery well was tested and flowed at sustained rates of just over 2,000 barrels of oil per day with no water from a 15 meter perforation interval. Pioneer is operator of the 314,000-acre permit with a 100% working interest. The Glomar High Island V is being moved approximately nine kilometers north to drill the Gnadi Marin-1 well to test the same reservoir with results expected by the end of July.

"We are very encouraged with the results of the Olowi Marin-2 appraisal well and look forward to getting the results of the next well. We plan to gain enough information by year end to move forward with the first of what we hope will be many phases of development offshore Gabon," stated Scott D. Sheffield, Chairman and CEO.


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