McMoRan Exploration Co. Announce Additional Potential Pay at its Davy Jones Ultra-Deep Discovery Well in Shallow Water on the...
January 20 2010 - 8:49AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today that the
Davy Jones ultra-deep well has been drilled from 28,263 feet to
28,603 feet and the well has been logged with pipe-conveyed
wireline logs to 28,530 feet. The wireline log results indicated a
new hydrocarbon bearing sand that totaled 65 net feet. A porosity
(neutron/density) log will be necessary to quantify the porosity in
this new sand member. The new sand interval combined with the 135
feet of net pay announced on January 11, 2010 brings the total
possible productive net sands to 200 feet in the Davy Jones well.
Flow testing will be required to confirm the ultimate hydrocarbon
flow rates from the well.
McMoRan operates the Davy Jones prospect and is funding 25.7
percent of the exploratory costs and holds a 32.7 percent working
interest and 25.9 percent net revenue interest. Other working
interest owners at Davy Jones include: Plains Exploration &
Production Company (NYSE: PXP) (27.7%), Energy XXI (NASDAQ: EXXI)
(15.8%), Nippon Oil Exploration USA Limited (12%), W.A. “Tex”
Moncrief, Jr. (8.8%) and a private investor (3%).
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, and development and
production activities. 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 does not
intend to update 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), as updated
by our subsequent filings with the SEC.
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