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McMoRan Exploration Updates Gulf of Mexico Exploration and Development Activities; Shares Flat Early

By: MT Newswires
Posted: 12/27/2012 8:33:00 AM
Referenced Stocks: MMR

McMoRan Exploration ( MMR ) says operations to achieve commercial production at Davy Jones No. 1 on South Marsh Island Block 230 are ongoing.

Recent operations designed to unblock the perforations using a propellant stimulation gun had limited success and McMoRan is initiating operations to re-perforate the well with electric wireline through-tubing guns.

The Blackbeard West No. 2 ultra-deep exploration well on Ship Shoal Block 188 was drilled to a total depth of 25,584 feet and McMoRan plans to set a production liner, which would enable completion. Through logs and core data, McMoRan has identified three potential hydrocarbon bearing Miocene sand sections between approximately 20,800 and 24,000 feet.

The Lineham Creek exploratory well, which is located onshore in Cameron Parish, La., has been drilled to 25,250 feet. The operator has set a drilling liner and is preparing to drill ahead to a proposed total depth of 29,000 feet to evaluate Eocene and Paleocene objectives.

The Lomond North ultra-deep prospect, which is located in the Highlander area in St. Martin Parish, La., is currently drilling below 12,900 feet. This exploratory well has a proposed total depth of 30,000 feet and is targeting Eocene, Paleocene and Cretaceous objectives below the salt weld. McMoRan controls rights to approximately 80,000 gross acres in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. Lomond North is approximately 65 miles north of Davy Jones.

Shares of MMR are unchanged in pre-market trading at $15.72, near the top of its 52-week range of $7.25 - $15.97.