Pioneer Makes Fourth Discovery on Jenein Nord Block in Tunisia
Pioneer Natural Resources has made its fourth discovery on its operated Jenein Nord Block (50% interest assuming ETAP participation) in Tunisia. Multiple productive zones were tested in the Shaheen #1 well with gross rates totaling approximately 8,000 barrels of oil equivalent per day (BOEPD).
On the Jenein Nord Block, Pioneer has now drilled four wells, all new discoveries. The four discoveries have been tested at a combined multi-zone gross rate of approximately 30,000 BOEPD. The combined test rate, which is not necessarily indicative of an actual combined production rate, was comprised of 85% oil and 15% gas and condensate.
Plans to construct oil production facilities on the Jenein Nord Block are progressing. By the end of June, Pioneer expects to finalize these plans and have a combined oil production rate forecast for startup which is expected during the fourth quarter of 2007.
Pioneer and other producers in the country are working with the government to evaluate the opportunity to expand infrastructure to supply gas production from southern Tunisia to northern markets.
Pioneer and its partners have acquired approximately 1,200 square kilometers of 3-D seismic, and Pioneer has identified more than 30 prospects on its acreage, some with individual resource potential as large as 25 million barrels of oil equivalent. Pioneer's drilling plans for the remainder of 2007 include up to four additional exploration wells on the Pioneer-operated Jenein Nord Block and an additional three wells on adjacent non-operated blocks.
"With an interest in approximately 3.9 million acres, a large and expanding inventory of seismic and other technical data and four years of local experience, we have laid a strong foundation for our new core area in Tunisia. We are excited by the excellent results of our Jenein Nord drilling program and look forward to delivering strong production and reserve growth for several years to come," stated Scott Sheffield, Pioneer's Chairman and CEO.
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