Davy Jones involves a large ultra-deep structure encompassing four OCS lease blocks (20,000 acres). McMoRan is the operator and holds a 63.4 percent working interest and a 50.2 percent net revenue interest in Davy Jones. Other working interest owners in Davy Jones include: Energy XXI (NASDAQ: EXXI) (15.8%), JX Nippon Oil Exploration (Gulf) Limited (12%) and Moncrief Offshore LLC (8.8%). McMoRan’s total investment in Davy Jones, which includes $474.8 million in allocated property acquisition costs, totaled $961.0 million at September 30, 2012.During the third quarter of 2012, McMoRan submitted initial development plans for Blackbeard East to BSEE. McMoRan is seeking approval to test and complete the Upper Miocene sands during 2013 using conventional equipment and technologies. Additional plans for development of the deeper zones are being evaluated.
McMoRan Exploration Co. Reports Third-Quarter/Nine-Month 2012 Results
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