Status of SOO on BBW was clarified in MMR's 10-K, filed today
"At December 31, 2010, McMoRan had one well (South Timbalier Block 168 No. 1) (Blackbeard West) with costs that had been capitalized for a period in excess of one year following the completion of drilling operations. The well was drilled to a total depth of 32,997 feet in October 2008 and logs indicated four potential hydrocarbon bearing zones below 30,067 feet requiring further evaluation. The well has been temporarily abandoned while McMoRan evaluates whether to drill deeper at Blackbeard West, drill an offset location or complete the well to test the existing zones. McMoRan currently holds the rights to the Blackbeard West lease under a Suspension of Operations (SOO) agreement with BOEMRE, the term of which has been recently extended through May 31, 2011. Under the terms of the SOO, McMoRan must inform the BOEMRE prior to the current SOO expiration date as to the specific plans of deepening and/or completing the current well or drilling a new offset well on that lease, and subsequent to that determination and notice, drilling and/or well completion activities must then re-commence no later than September 2011. McMoRan’s investment in Blackbeard West, including the related allocated amount of the PXP Acquisition purchase price, totaled $59.1 million at December 31, 2010."