The Lineham Creek exploration prospect, which is located onshore in Cameron Parish, Louisiana is currently drilling below the salt weld at 23,100 feet. The well, which is targeting Eocene and Paleocene objectives below the salt weld, has a proposed total depth of 29,000 feet. Chevron U.S.A. Inc., as operator of the well, holds a 50 percent working interest. Lineham Creek is approximately 55 miles northwest of Davy Jones. McMoRan is participating for a 36.0 percent working interest. Other working interest owners include EXXI (9.0%) and W. A. “Tex” Moncrief Jr. (5.0%). McMoRan’s investment in Lineham Creek totaled $41.6 million at September 30, 2012.McMoRan also announced today that drilling commenced on September 19, 2012 in the Highlander area on the Lomond North ultra-deep prospect. Lomond North, which is located in St. Martin Parish, LA, is currently drilling below 6,700 feet. This exploratory well has a proposed total depth of 30,000 feet and is targeting Eocene, Paleocene and Cretaceous objectives below the salt weld. McMoRan has identified multiple exploratory prospects in the Highlander area where it controls rights to approximately 80,000 gross acres in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana. Lomond North is approximately 65 miles north of Davy Jones. McMoRan is operator and currently holds a 72.0 percent working interest. Other working interest owners include EXXI (18.0%) and W. A. “Tex” Moncrief Jr. (10.0%). McMoRan’s investment in Lomond North totaled $23.1 million at September 30, 2012.
|Acreage Held Before June 2012 Lease Sale||Acreage Acquired in June 2012 Lease Sale||Total Acreage Under Control on Lease Sale Prospects|
|Leases Held Jointly with Chevron|
|Davy Jones West||-||14,404||14,404|
|McMoRan 100% Leases|