EXPLORATION UPDATEOn November 25, 2011, McMoRan commenced drilling the Blackbeard West No. 2 ultra-deep exploration well on Ship Shoal Block 188. In May 2012, McMoRan set a liner after the well encountered a high pressure gas flow immediately below the salt weld. The well is currently drilling below 21,100 feet to evaluate this high pressure section and other objectives below the salt weld. The well is targeting Miocene aged sands seen below the salt weld approximately 13 miles east at Blackbeard East and has a proposed total depth of 24,500 feet. McMoRan holds a 69.4 percent working interest and a 53.1 percent net revenue interest in Ship Shoal Block 188. Other working interest owners include EXXI (22.9%) and Moncrief Offshore LLC (7.7%). McMoRan’s investment in Blackbeard West No. 2 totaled $50.4 million at June 30, 2012.
McMoRan Exploration Co. Reports Second-Quarter/Six-Month 2012 Results
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