McMoRan Exploration Co. Updates Exploration Activities Including Positive Results at Flatrock and Cottonwood Point and Developme
July 03 2007 - 9:09AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) today updated its exploration
and development activities, including positive drilling results at
Flatrock and Cottonwood Point. The Flatrock exploratory prospect at
South Marsh Island Block 212 commenced on March 27, 2007, and is
currently drilling below 15,000 feet with a proposed total depth of
16,500 feet. Wireline logs have indicated 22 net feet of
hydrocarbon bearing sands in the Rob-L section. Casing has been set
to protect this zone. Additionally, log-while-drilling tools have
indicated three more resistive zones approximating 190 net feet
over an approximate 330 foot gross interval. These zones will be
evaluated with wireline logs. The Flatrock well is the first well
drilled in the OCS 310/Louisiana State Lease 340 area by McMoRan or
others to encounter multiple apparent hydrocarbon bearing sands in
the Rob-L section, several of which are above the well�s primary
objective. The Flatrock prospect is three miles north and down dip
of the Hurricane discovery in South Marsh Island Block 223,
indicating that the Flatrock Rob-L hydrocarbon bearing zones must
be structurally or stratigraphically separated from the up dip
Hurricane Rob-L production. This information has significant
implications in an area where McMoRan has a number of additional
drilling opportunities. McMoRan plans to continue drilling the
Flatrock well to evaluate additional Rob-L and Operc objectives and
may elect to deepen the well below 16,500 feet. McMoRan has a 25.0
percent working interest and an 18.8 percent net revenue interest
in the Flatrock well. If successful, the well could be brought on
production quickly utilizing existing infrastructure in the area.
Flatrock would be McMoRan�s eighth successful well in the OCS
310/Louisiana State Lease 340 area. The Cottonwood Point
exploratory prospect at Vermilion Block 31 commenced on March 1,
2007, and is currently drilling below 14,400 feet with a proposed
total depth of 21,000 feet. Log-while-drilling tools have indicated
approximately 60 net feet of resistivity in three sands, indicating
the presence of potential hydrocarbons. The well will be drilled to
its next casing point and logged with wireline tools to evaluate
these potentially productive zones. McMoRan has a 15.0 percent
working interest and an 11.3 percent net revenue interest in the
Cottonwood Point well. The Cas exploratory well at South Timbalier
Block 70 commenced drilling on January 30, 2007, and is drilling
ahead with a planned true vertical depth of 25,000 feet. The Cas
prospect is located in approximately 65 feet of water. McMoRan has
rights to 5,000 gross acres in this area. McMoRan has a 15.0
percent working interest and a 12.4 percent net revenue interest.
The Mound Point South exploratory prospect at Louisiana State Lease
340 commenced on April 12, 2007, and is currently drilling below
16,000 feet with a proposed total depth of 20,000 feet. McMoRan has
an 18.3 percent working interest and a 14.5 percent net revenue
interest in the Mound Point South well. McMoRan also announced
today that it has elected to sidetrack the Blueberry Hill well at
Louisiana State Lease 340. Attempts to clear the blockage above the
perforated interval were unsuccessful during June 2007. The
sidetrack is targeting Gyro sands in a down dip position believed
to be better developed than the sands seen in the original well. As
previously reported, the Blueberry Hill well at Louisiana State
Lease 340 encountered four potentially productive hydrocarbon
bearing sands below 22,200 feet in February 2005. Testing of this
well commenced in the fourth quarter of 2006 following the receipt
of special tubulars and casing for the high pressure well. McMoRan
Exploration Co. is an independent public company engaged in the
exploration, development and production of oil and natural gas
offshore in the Gulf of Mexico and onshore in the Gulf Coast area.
McMoRan is also pursuing plans for the development of the MPEH�
which will be used for the receipt and processing of liquefied
natural gas and the storage and distribution of natural gas.
Additional information about McMoRan and the MPEH� project is
available on its internet website �www.mcmoran.com� and at
�www.mpeh.com�. CAUTIONARY STATEMENT: This press release contains
certain forward-looking statements about McMoRan�s exploration and
development activities. When used in this document, the words
�anticipates� �may�, �can�, �believes�, �expects�, �projects�,
�intends�, �likely�, �will�, �to be� and any similar expressions
and any other statements that are not historical facts are intended
to identify those assertions as forward-looking statements. In
making any of those statements, McMoRan believes that its
expectations are based on reasonable assumptions. However, any such
statement may be influenced by factors that could cause actual
outcomes and results to be materially different from those
projected or anticipated. These forward-looking statements are
subject to numerous risks and uncertainties. There are various
important factors that could cause actual results to differ
materially from those in any such forward-looking statements, many
of which are beyond the control of McMoRan, including variations in
the market prices of oil and natural gas; drilling results;
unanticipated fluctuations in flow rates of producing wells; oil
and natural gas reserves expectations; the ability to satisfy
future cash obligations and environmental costs; general
exploration and development risks and hazards; and the ability to
obtain commercial arrangements for the potential Main Pass Energy
Hub� project. Such factors and others are more fully described in
more detail in McMoRan�s 2006 Annual Report on Form 10-K on file
with the Securities and Exchange Commission. McMoRan cautions
readers that it assumes no obligation to update or publicly release
any revisions to the forward-looking statements in this press
release and, except to the extent required by applicable law, does
not intend to update or otherwise revise these statements more
frequently than quarterly.
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