McMoRan Exploration Co. Announces Additional Hydrocarbons in the Lafitte Ultra-Deep Exploration Well
16 November 2011 - 3:18AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today that its
Lafitte ultra-deep prospect, which is located on Eugene Island
Block 223 in approximately 140 feet of water, has encountered
additional hydrocarbons. The well has been drilled to a true
vertical depth of 29,756 feet and has been logged with wireline
logs to 29,740 feet. The wireline log results indicated 56 net feet
of hydrocarbon bearing sand over a 58 foot gross interval in the
Cris-R section of the Lower Miocene with good porosity. Flow
testing will be required to confirm the ultimate hydrocarbon flow
rates from this zone, which was full to base. McMoRan controls
approximately 15,000 gross acres in the immediate area of
Lafitte.
The new Cris-R sand interval combined with the 115 feet of
potential net pay (250 gross feet) announced previously brings the
total possible productive net sands to 171 feet in the Lafitte
well. These results enhance the potential of McMoRan’s other
acreage in the Lafitte strategic area, including McMoRan’s
Barataria and Captain Blood ultra-deep prospects. Barataria (10,000
gross acres) is located west-southwest of Lafitte and Captain Blood
(10,000 gross acres) is located immediately south of Lafitte.
McMoRan plans to apply for a permit to deepen the Lafitte well
to a proposed total depth of 32,000 feet to evaluate deeper Miocene
and Oligocene objectives. Lafitte is McMoRan’s third ultra-deep
prospect to encounter Miocene age sands below the salt weld on the
GOM Shelf. McMoRan holds a 72.0 percent working interest and a 58.3
percent net revenue interest in Lafitte. Other working interest
owners in Lafitte include Energy XXI (NASDAQ: 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 forward-looking 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 may cause actual
results to differ materially from those 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,
unanticipated hazards for which we have limited or no insurance
coverage, 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 as updated by our subsequent filings 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
more frequently than quarterly.
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