On the Triton prospect, a Devils Tower satellite in Mississippi Canyon 772, a discovery well was drilled encountering 80 feet of net pay in two intervals. Both intervals are stratigraphically equivalent to Devils Tower field pay intervals but are structurally separated. The Company believes that the Triton discovery is commercially viable for a three-mile subsea tieback to the spar being constructed for the Devils Tower development. Up to three wells are envisioned in order to exploit recovery potential which is estimated at 10 to 40 million barrels oil equivalent. Pioneer has 25% working interest in both Devils Tower and Triton and the operator, Dominion Exploration and Production, Inc. holds 75%.
Devils Tower development drilling is complete with eight deepwater producing wells ready for completion from the spar. Fabrication of the spar is approximately 50% complete and is being built with the capacity to handle 60,000 barrels of oil per day and the associated gas. First production is expected during the second quarter of 2003.
First production from the deepwater Canyon Express project is expected within 75 days with peak rates expected to increase Pioneer's daily production by 15% to 20%. The Canyon Station platform is in place, four of six Pioneer wells have been completed and the last of the pipeline is currently being laid. Pioneer owns 23.5% of Canyon Express.
Development of Pioneer's deepwater Falcon field is progressing on schedule. Pioneer has contracted for a rig to drill five wells in the Falcon corridor beginning in August, including two Falcon field development wells and three exploration wells. Pioneer has identified multiple prospects on the 24 blocks it has leased in the Falcon area, all having potential to be tied back subsea to the Falcon Nest platform. Pioneer is operator of the field with 75% working interest.
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