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Pioneer Expands Drilling Program In Tunisia

Source: www.gulfoilandgas.com 5/3/2007, Location: Africa

Pioneer Natural Resources Company announced an expansion of its 2007 drilling program in response to continued drilling success in Tunisia. Total 2007 capital spending is now budgeted at $1.3 billion excluding acquisitions, asset retirement obligations, capitalized interest and geological and geophysical G&A. As a result of this expanded drilling program and the recently announced $450 million increase in the Company's share repurchase program to $750 million, Pioneer is increasing its compounded annual production per share growth target from 10+% to 12+% for 2007 through 2010.

Based on April strip pricing, Pioneer is also forecasting that cash flow from operations will approximately double between 2007 and 2010 due to production growth, expiration of legacy hedges (year-end 2008) and the effects of declines in volumetric production payments.

Since 2003, Pioneer has had a drilling success rate exceeding 90% in Tunisia. Recent successes include three discoveries on the PXD-operated Jenein Nord Block, a discovery and two successful appraisal wells on the Adam Concession and a discovery on the Borj El Khadra Block. The fourth well on the Jenein Nord Block is currently being logged. More than 30 prospects have been identified on these three blocks based on the 2006 3-D seismic program and existing 2-D seismic, some with individual resource potential as large as 25 million barrels of oil equivalent (MMBOE).

Based on this success, Pioneer is increasing its 2007 drilling and development budget for Tunisia by $70 million. The Company plans to develop the three discoveries and complete the testing of the fourth well on the Jenein Nord Block and drill at least eight additional Tunisia wells this year. Pioneer's net oil and gas production is currently greater than 4,000 barrels oil equivalent per day (BOEPD) and 2007 and 2008 production rates are expected to rise at least 80% and 90%, respectively, compared to prior year levels, solidifying Tunisia's position as Pioneer's newest core area.

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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