McMoRan OIL & GAS CO. ANNOUNCES TWO POTENTIAL OFFSHORE DISCOVERIES AT WEST CAMERON BLOCK 617 AND BRAZOS BLOCK A-19
NEW ORLEANS, La.--(BUSINESS WIRE)--April 15, 1998--McMoRan Oil & Gas Co. (NASDAQ:MOXY) announced today that its West Cameron Block 617 #1 well has encountered approximately 306 true vertical feet of net hydrocarbon pay in eight sands logged above 7,919 feet true vertical depth. MOXY, the operator of the well, is currently setting protective pipe to a measured depth of 8,678 feet and will continue drilling deeper in order to test additional objectives. The #1 well has a proposed total measured depth of 12,006 feet, and a true vertical depth of 10,090 feet. West Cameron Block 617 is owned 24 percent by MOXY, 23.5 percent by Phosphate Resource Partners Limited Partnership (NYSE:PLP), 50 percent by Forest Oil Corporation (NYSE:FST) and 2.5 percent by an individual investor. West Cameron Block 617 is located in 300 feet of water in the Gulf of Mexico, approximately 130 miles offshore Louisiana and encompasses a total of 5,000 acres.
MOXY further announced today that the Brazos Block A-19 #2 well has encountered hydrocarbons in a separate reservoir compartment within the larger Picaroon Field area. This field extension was defined by a recent 3-D seismic survey and efforts are currently underway to assess future development plans. The #2 well is currently at a measured depth of 17,900 feet and continues to drill towards a proposed measured and true vertical depth of 19,000 feet. The well is owned 50 percent by Shell Offshore Inc., 16.8 percent by MOXY, 16.5 percent by PLP, 15 percent by Spinnaker Exploration Co., L.L.C. and 1.7 percent by an individual investor. Brazos Block A-19 is operated by Shell Offshore Inc. Additionally, the MOXY Exploration Program owns a 100 percent working interest in the adjacent Brazos Block A-26. The two blocks covering 11,520 acres are located in 135 feet of water, 95 miles southwest of Galveston.
MOXY is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas reserves offshore in the Gulf of Mexico and onshore in the Gulf Coast area. The company continues to generate prospects and evaluate farmin opportunities utilizing its geological and geophysical expertise through the use of 3-D seismic data and state of the art technology.
A copy of this release is available by calling 1-800-469-1256 or on our web site moxy.com.
CONTACT:
McMoRan Oil & Gas Co., New Orleans
Fiancial: Chris D. Sammons, 504/582-4474
Craig E. Saporito, 504/582-4476
or
Media: Garland Robinette, 504/582-1627
moxy.com
KEYWORD: LOUISIANA
BW1468 APR 15,1998
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These two wells are very significant and dramatically increase the company's reseres. This company is turning into a great play on gas prices. They have held up phenomanally well so far this year.
I'm still holding this although if it goes much above $5 I may take some stock off the table. |
