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Article: Pioneer Announces Exploration Venture in Tunisia.
- Article from:
- Business Wire
- Article date:
- May 30, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
DALLAS--(BUSINESS WIRE)--May 30, 2001
Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) (TSE:PXD) announced that it has entered into definitive agreements with Eurogas Corporation (TSE:EUG) to explore 2.7 million acres in the prolific TAGI sand play of the Ghadames basin onshore Tunisia. Pioneer will earn a 50% participating interest in three permits (Bazma, Jorf and El Hamra) by drilling two wells over the next two years for an estimated cost to Pioneer of approximately $5.2 million. Pioneer has the option to operate the three permits after the drilling of an initial exploratory well (Douz No. 1) in the Bazma permit that spudded ...