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Gold/Mining/Energy : McMoRan Exploration Co. (MMR)
FCX 42.20+2.5%3:59 PM EDT
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From: Condo11/23/2010 9:16:48 PM
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McMoRan Gets Busy In The Gulf With Plains, Energy XXI
forbes.com
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If you want a pure exploration play in the Gulf of Mexico shallow water ultra deep, then MMR is the stock for you.
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McMoRan’s Jim Bob Moffett was able to increase significantly his share interests in Davy Jones, Blackbeard East and West and future wells still to be drilled as part of his shallow Gulf of Mexico ultra deep play.
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Moffett’s theory for years has been that below exhausted oil and gas reservoirs in shallower depths, it was likely that there were huge reservoirs further down into the earth’s crust. It has taken decades for the seismic data and drilling and extraction techniques to be developed to pursue this concept. McMoRan now will own various well participations near 70% that it could neither afford nor risk owning when the ultra deep play was first emerging and still unproven. It is still very early in the game.
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