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McMoRan Issues GOM Ops Update

CVX

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Exploration and production company McMoRan Exploration Co. recently issued updates related to its activities in the Gulf of Mexico (GOM). The company provided updates on operations at Davy Jones No. 1, drilling outcome at Lineham Creek, logging results from Blackbeard West No. 2 and progress work at Lomond North.

At Davy Jones No. 1 on South Marsh Island Block 230, the company recovered completion fluids during the ongoing flow testing work. The weight of completion fluids recovered to date is around 9 to 19 pounds per gallon. To clean up the perforations, the company will infuse a barite solvent into the formation. Earlier, the company successfully drilled two sub-salt wells at Davy Jones field. It holds 63.4% working interest and 50.2% net revenue interest in Davy Jones.

The drilling operations at Lineham Creek well, located in Cameron Parish, Louisiana, encountered hydrocarbon bearing porous sands. The well was drilled to a depth of 25,250 feet and is expected to be drilled up to 29,000 feet. Working interest of the company in the well is 36% .

The Blackbeard West No. 2 well on Ship Shoal Block 188 was drilled below 25,200 feet and hit hydrocarbon bearing sands. The company intends to drill up to 25,500 feet to assess Miocene targets. McMoRan owns 69.4% working interest and 53.1% net revenue interest in the Block.

The Lomond North exploratory well in St. Martin Parish, LA, was drilled below 10,700 feet and is expected to encounter Eocene, Paleocene and Cretaceous objectives under the salt weld. McMoRan holds 72% working interest in the well.

McMoRan is an independent public company and its operations are carried out chiefly in the GOM Shelf and onshore in the Gulf Coast area.

McMoRan – which jointly owns leases with Chevron Corporation (CVX - Analyst Report) – currently holds a Zacks #2 Rank implying a short-term Buy rating.
 

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