Pioneer buys into Anaguid permit in Tunisia

Pioneer Natural Resources Co., Irving, Tex., and two partners in Anaguid permit in the Ghadames basin in southern Tunisia agreed to jointly acquire a 45.83% interest in the permit from a subsidiary of Coho Energy Inc., Dallas.


By the OGJ Online Staff

HOUSTON, July 3 -- Pioneer Natural Resources Co., Irving, Tex., and two partners in Anaguid permit in the Ghadames basin in southern Tunisia agreed to jointly acquire a 45.83% interest in the permit from a subsidiary of Coho Energy Inc., Dallas.

Coho Energy said the consideration was $200,000 in cash and assumption of $7 million in obligations under the permit.

The deal has been approved by a US Bankruptcy Court, but is still subject to Tunisian approval. Nuevo Anaguid Ltd. filed under Chapter 11 of the US Bankruptcy Code in February 2001.

Pioneer Natural Resources Co. agreed to acquire 30%. The holding of Nuevo Energy Co. will increase to 22.5%. The other partner is Anadarko Tunisia Anaguid Co.

Pioneer will join the companies in exploring the 1.1 million acre permit. It will pay its share of at least one exploration well, reimburse its share of 2001 seismic and geologic costs, and assume other Coho obligations relating to the permit.

The group will target the TAGI sand play with its next well.

More in Companies