Pioneer Announces Results of Olowi-Marin 1

Pioneer Natural Resources Company announced that its subsidiary, Pioneer Resources Gabon-Olowi Ltd., has tested significant volumes of oil from its first exploratory well (Olowi Marin-1) on its Bigorneau South prospect, located offshore in the Southern Gabon Basin on its Olowi Permit. Pioneer is operator of the 314,000-acre Olowi Permit with a 100% working interest.

The Olowi Marin-1 well was initially drilled to a depth of 3,720 feet and subsequently sidetracked 815 feet to the north by Global Marine's jackup, Glomar Adriatic I. The vertical well and sidetrack encountered an oil column with a minimum thickness of 75 feet. To test a section of highly porous Gamba sand covering 27 vertical feet of net oil pay, Pioneer perforated the sidetrack between the measured depths of 3,605-3,655 feet. The well flowed at an average stabilized rate of approximately 1,375 barrels of oil per day over a 48-hour period on a 32/64 inch choke with no water. The well was subsequently tested on a 40/64 inch choke and flowed at a maximum stabilized rate of approximately 2,100 BOPD with no water. Crude oil gravity is 32.6 degrees API, which is similar to the oil produced from the Gamba sands in the giant onshore Gamba and Rabi-Kounga fields.

"We are very encouraged by the positive results of the Olowi Marin-1 well and excited about the potential that Gabon holds for Pioneer," stated Scott D. Sheffield, Chairman and CEO. "The wildcat confirms the presence of a significant oil rim on the Bigorneau structure, which covers more than 50,000 acres or 200 square kilometers."

Pioneer has submitted its application to enter the Second Exploration Period on the Olowi Permit, which requires two additional exploratory wells over a two year period. Depending on rig availability, Pioneer may spud its next well later this year or early next year.


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