McMoRan Exploration Co. Announces Positive Drilling Results at Blueberry Hill Exploratory Well
July 06 2009 - 4:54PM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today positive
drilling results at its Blueberry Hill deep gas exploratory
sidetrack well located on Louisiana State Lease 340. The well has
been drilled to a true vertical depth of 21,900 feet and
log-while-drilling tools have indicated resistive zones
approximating 150 gross feet. These zones will be evaluated with
wireline logs. McMoRan plans to deepen the well, which has a
proposed total depth of 24,000 feet, following resolution of a
mechanical issue. Blueberry Hill is located in approximately 10
feet of water near existing infrastructure.
As previously reported, on March 29, 2009, McMoRan re-entered a
previously existing well bore and commenced sidetracking operations
at the Blueberry Hill deep gas prospect. The well is targeting Gyro
sands in a down-dip position on the flank of the structure that
were encountered in the original Blueberry Hill well.
McMoRan�s Co-Chairman, James R. Moffett, said: �We are
extremely encouraged by these drilling results which indicate
thickening on the flank of the Blueberry Hill structure and a
potential major discovery. We look forward to drilling
deeper to evaluate additional prospective sands encountered in the
original well. This appears to be a large structure with
significant reserve potential and additional development and
exploration opportunities. Like our major discovery at
Flatrock, where six wells in the field are currently capable of
producing at a gross rate of over 300 million cubic feet of natural
gas equivalents per day, Blueberry Hill is another clear example of
our deeper pool concept. Blueberry Hill is located
approximately 11 miles southeast of Flatrock and represents the
deeper expression of the structural features of the shallower Mound
Point field, which produced over 2.5 trillion cubic feet of natural
gas equivalents from multiple wells above 12,500 feet.�
McMoRan owns a 42.9 percent working interest and a 29.7 percent
net revenue interest in the Blueberry Hill well and controls
150,000 gross acres in the Tiger Shoal/Mound Point area (OCS Block
310/Louisiana State Lease 340). Plains Exploration and Production
Company (NYSE: PXP) holds a 47.9 percent working interest. The
addition of the Blueberry Hill discovery follows prior discoveries
McMoRan has made in this important area, including Flatrock,
Hurricane, Hurricane Deep, JB Mountain, and Mound Point. McMoRan
has multiple additional exploration opportunities with significant
potential on this large acreage position. McMoRan is incorporating
the new information from Blueberry Hill into its existing database
for this high potential area.
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. Additional information about McMoRan is available on its
internet website �www.mcmoran.com�.
CAUTIONARY STATEMENT: This press release contains certain
forward-looking statements regarding various oil and gas
discoveries, oil and gas exploration, development and production
activities, and anticipated and potential production and flow
rates. Accuracy of these forward-looking statements depends on
assumptions about events that change over time and is thus
susceptible to periodic change based on actual experience and new
developments. 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.
Important factors that might cause future results to differ from
these forward-looking statements include: adverse conditions such
as high temperature and pressure that could lead to mechanical
failures or increased costs; 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; as well as other general exploration and
development risks and hazards. These and other factors are more
fully described in McMoRan�s 2008 Annual Report on Form 10-K on
file with the Securities and Exchange Commission (SEC).
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