McMoRan Exploration Co. Announces Interim Update on the Lafitte Ultra-Deep Exploration Well
September 07 2011 - 8:00AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) today announced results from
interim logging operations at the Lafitte ultra-deep
exploration well located on Eugene Island Block 223 in 140 feet of
water. The Lafitte well commenced drilling on October 3, 2010 and
has been drilled to 27,038 feet. Wireline logs indicate several
Lower Miocene sands below 24,300 feet that appear to be hydrocarbon
bearing. The sands have various thicknesses that aggregate
approximately 200 gross feet (95 feet net), some of which are
contained within a thin-bedded, sand-shale formation (i.e.
laminated section).
These Lower Miocene aged sands are correlative to Lower Miocene
sands seen onshore and in the deepwater of the Gulf of Mexico and
provide additional confirmation of McMoRan’s ultra-deep geologic
model. Lafitte is McMoRan’s third ultra-deep prospect to encounter
Miocene age sands below the salt weld on the Shelf of the Gulf of
Mexico.
McMoRan is preparing to set casing in the Lafitte well to 27,000
feet and plans to deepen the well to a proposed total depth of
29,950 feet to evaluate deeper Miocene objectives and possibly the
Oligocene section. McMoRan holds a 72.0 percent working interest
and 58.3 percent net revenue interest in Lafitte. Other working
interest owners in Lafitte include: EXXI (18.0%), and Moncrief
Offshore LLC (10.0%).
McMoRan Exploration Co. is an independent public company engaged
in the exploration, development and production of natural gas and
oil in the shallow waters of the GOM Shelf 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
forward-looking statements that involve a number of assumptions,
risks and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
We caution readers that those statements are not guarantees of
future performance or exploration and development success, and our
actual exploration experience and future financial results may
differ materially from those anticipated, projected or assumed in
the forward-looking statements. Such forward-looking statements
include, but are not limited to, statements regarding various oil
and gas discoveries, oil and gas exploration, development and
production activities, capital expenditures, reclamation costs,
anticipated and potential production and flow rates, and other
statements that are not historical facts. No assurance can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they may have on our results of operations or financial
condition. Important factors that can cause actual results to
differ materially from the results anticipated by forward-looking
statements include, but are not limited to, those associated with
general economic and business conditions, failure to realize
expected value creation from acquired properties, variations in the
market demand for, and prices of, oil and natural gas, drilling
results, unanticipated fluctuations in flow rates of producing
wells due to mechanical or operational issues (including those
experienced at wells operated by third parties where we are a
participant), changes in oil and natural gas reserve expectations,
the potential adoption of new governmental regulations, failure of
third party partners to fulfill their capital and other
commitments, the ability to satisfy future cash obligations and
environmental costs, adverse conditions, such as high temperatures
and pressure that could lead to mechanical failures or increased
costs, the ability to retain current or future lease acreage
rights, the ability to satisfy future cash obligations and
environmental costs, access to capital to fund drilling activities,
as well as other general exploration and development risks and
hazards, and other factors described in more detail in Part I, Item
1A. “Risk Factors” included in our Annual Report on Form 10-K for
the year ended December 31, 2010 filed with the SEC.
Investors are cautioned that many of the assumptions upon which
our forward-looking statements are based are likely to change after
our forward-looking statements are made, including for example the
market prices of oil and natural gas, which we cannot control, and
production volumes and costs, some aspects of which we may or may
not be able to control. Further, we may make changes to our
business plans that could or will affect our results. We caution
investors that we do not intend to update our forward-looking
statements, notwithstanding any changes in our assumptions, changes
in our business plans, our actual experience, or other changes, and
we undertake no obligation to update any forward-looking
statements.
Mcmoran (NYSE:MMR)
Historical Stock Chart
From May 2024 to Jun 2024
Mcmoran (NYSE:MMR)
Historical Stock Chart
From Jun 2023 to Jun 2024