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November 26, 2012
15:10 EDTMMR, EXXIMcMoRan Exploration updates Gulf of Mexico exploration, development progress
McMoRan Exploration (MMR) updated its ultra-deep exploration and development activities in the shallow waters of the Gulf of Mexico Shelf and onshore in the Gulf Coast area, including in progress flow testing operations at Davy Jones No. 1, positive drilling results onshore at Lineham Creek, new logging results from Blackbeard West No. 2 and in progress operations at Lomond North. McMoRan provided an update on the Davy Jones No. 1 production test currently in progress on South Marsh Island Block 230. On November 11, the well was opened for test and flowed gas into an unmetered atmospheric tank before being flared. To date, MMR has recovered completion fluids with weights of approximately 9 and 19 pounds per gallon and is initiating operations to inject a barite solvent into the formation in order to clean out the perforations to achieve a measureable flow test. McMoRan said it will provide updates as flow testing operations progress and a measurable flow test is achieved. Davy Jones involves a large ultra-deep structure encompassing four OCS lease blocks, with McMoRan the operator and holder of a 63.4% working interest and a 50.2% net revenue interest in Davy Jones. Other working interest owners in Davy Jones include Energy XXI (EXXI), with a 15.8% stake. McMoRan also announced that the Lineham Creek exploratory well, located onshore in Cameron Parish, Louisiana, has encountered what appears to be hydrocarbon bearing porous sands above 24,000 feet, as identified by wireline logs. The well, which has been drilled to 25,250 feet, will be deepened to a proposed total depth of 29,000 feet to evaluate Eocene and Paleocene objectives. McMoRan is participating for a 36.0% working interest. Other working interest owners include EXXI, with 9.0%, and W. A. “Tex” Moncrief Jr., with 5.0%. Additionally, McMoRan said the Blackbeard West No. 2 ultra-deep exploration well on Ship Shoal Block 188 is currently drilling below 25,200 feet. Recent logging data indicates that the well has encountered additional potential hydrocarbon bearing sands at approximately 25,000 feet. These sands are in addition to the previously reported potential low-resistivity pay zones, including one of which is approximately 80 feet thick and requires further evaluation.
News For MMR;EXXI From The Last 14 Days
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February 2, 2016
11:50 EDTEXXIOptions with increasing put volume; BKLN AKS ROK MCHP EXXI TPX ALU TXT RCL
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