McMoRan Exploration Co. (MMR) Message Board

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Gold/Mining/Energy : McMoRan Exploration Co. (MMR)

FCX 42.20

+2.5%

Oct 29 3:59 PM EDT

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From: Condo	5/8/2008 3:59:48 AM
	of 4

U.S. GULF OF MEXICO: New Orleans-based McMoRan Exploration Co. has deepened the South Timbalier Block 168 No. 1 exploratory well, formerly known as Blackbeard West No. 1, to 30,964 feet (9,437 m). Wireline logs indicate a potential hydrocarbon bearing zone which will be further evaluated after the well is drilled to a deeper depth. The well has been re-permitted to a proposed total depth of 33,000 feet (10,058 m), with McMoRan planning to deepen the well to evaluate additional targets. South Timbalier Block 168 is located in 70 feet (21.3 m) of water in the Gulf of Mexico and is the deepest well ever drilled below the mud line in the Gulf of Mexico. It was originally drilled to 30,067 feet (9,164 m) by the original operator before being abandoned prior to reaching its objective depth in August 2006. McMoRan acquired the rights a year later and re-entered the well using the jackup Rowan Gorilla IV in March 2008, drilling a new hole on April 18. McMoRan operates the well with a 32.3 percent working interest. Plains Exploration & Production holds a 35 percent working interest and Energy XXI holds 20 percent. energycurrent.com

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