Pioneer announces discovery, continues exit plan

Pioneer announced that it drilled a successful well on its Clipper prospect located in Green Canyon block 299 in approximately 3,452 ft of water. Pioneer operates the block with a 55% working interest.

Offshore staff

(US, GoM) - Pioneer announced that it drilled a successful well on its Clipper prospect located in Green Canyon block 299 in approximately 3,452 ft of water. Pioneer operates the block with a 55% working interest.

The block is included in the company's deepwater GoM divestment program, which includes existing production from Canyon Express, Devils Tower and the Falcon Corridor, discoveries under development at Ozona Deep and Thunder Hawk, and ninety exploration blocks. Pioneer expects to close on the sale of its divestiture by the end of the year.

The operator had originally planned to drill the subsalt Paladin prospect in the Garden Banks area following completion of the Clipper well. As a result of delays from the hurricanes and the planned divestiture, the company is requesting a suspension of operations extension with the MMS and deferring the drilling of the well.

10/13/05

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