McMoRan tests Davy Jones discovery well offshore Louisiana

Offshore staff

NEW ORLEANS – The flow test of McMoRan Exploration Co.’s (NYSE:MMR) Davy Jones 1 well in South Marsh Island block 230 continue.

The initial attempts to perforate and flow test the Wilcox F sand encountered a hydraulic equipment malfunction, so McMoRan elected to move up the hole to test another zone using electric-line perforating equipment. This test on the Wilcox D sand get a positive pressure response, and the company plans to perforate the Wilcox C sand, and comingle the zones. Future plans for the F sands are being considered.

Elsewhere in the GoM, McMoRan has reached a TD of 34,162 ft (10,413 m) in its Lafitte exploration well on Eugene Island block 223 in 140 ft (43 m) of water.

McMoRan logged two potential new hydrocarbon bearing zones in the Upper Eocene section of the well with an aggregate thickness of approximately 65 net ft. These new Upper Eocene sands correlate to the Jackson and Yegua sections found onshore Louisiana. These are the first hydrocarbon bearing Upper Eocene sands encountered either on the GoM shelf or in the deepwater offshore Louisiana.

McMoRan holds a 72% working interest and a 58.3% net revenue interest in Lafitte. Other working interest owners in Lafitte include EXXI (18%) and Moncrief Offshore LLC (10%).

3/28/2012

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