The El Badr-3 and the Cherouq-2 wells, located in the Cherouq Concession, and the Mona-1 well, located in the Anaguid Exploration Permit, were drilled in conjunction with Pioneer’s joint venture partner ETAP and tested at a combined initial gross production rate of approximately 10 thousand barrels oil equivalent per day (mboepd) from the Silurian sandstone intervals.
Pioneer has elected to exercise options on its two existing drilling contracts and will drill two additional appraisal wells this year, based on the successful results of these three wells.
Pioneer expects that after drilling and completing these two wells, the company’s net production from Tunisia will be in the range of 8mboepd to 9mboepd by early 2011.
Pioneer has a 50% interest in the Cherouq Concession and will have a 30% interest in the concession derived from the Anaguid Permit.
ETAP will have a 50% interest in both concessions while Medco will own the remaining 20% interest in the Anaguid Concession.
