Exploration and production company
McMoRan Exploration Co.
) recently issued updates related to its activities in the Gulf
of Mexico (GOM). The company provided updates on operations at
Davy Jones No. 1, drilling outcome at Lineham Creek, logging
results from Blackbeard West No. 2 and progress work at Lomond
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At Davy Jones No. 1 on South Marsh Island Block 230, the company
recovered completion fluids during the ongoing flow testing work.
The weight of completion fluids recovered to date is around 9 to
19 pounds per gallon. To clean up the perforations, the company
will infuse a barite solvent into the formation. Earlier, the
company successfully drilled two sub-salt wells at Davy Jones
field. It holds 63.4% working interest and 50.2% net revenue
interest in Davy Jones.
The drilling operations at Lineham Creek well, located in Cameron
Parish, Louisiana, encountered hydrocarbon bearing porous sands.
The well was drilled to a depth of 25,250 feet and is expected to
be drilled up to 29,000 feet. Working interest of the company in
the well is 36% .
The Blackbeard West No. 2 well on Ship Shoal Block 188 was
drilled below 25,200 feet and hit hydrocarbon bearing sands. The
company intends to drill up to 25,500 feet to assess Miocene
targets. McMoRan owns 69.4% working interest and 53.1% net
revenue interest in the Block.
The Lomond North exploratory well in St. Martin Parish, LA, was
drilled below 10,700 feet and is expected to encounter Eocene,
Paleocene and Cretaceous objectives under the salt weld. McMoRan
holds 72% working interest in the well.
McMoRan is an independent public company and its operations are
carried out chiefly in the GOM Shelf and onshore in the Gulf
McMoRan - which jointly owns leases with
) - currently holds a Zacks #2 Rank implying a short-term Buy