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Plains Exploration & Production Company Message Board

  • pc4me58 pc4me58 Nov 15, 2011 12:40 PM Flag

    Anyone care what's happening to PXP's 51mm shares of MMR?

    Attached is a News Release:
    McMoRan Exploration Co. Announces Additional
    Hydrocarbons in the Lafitte Ultra-Deep Exploration Well

    NEW ORLEANS, LA, November 15, 2011 - McMoRan Exploration Co. (NYSE: MMR) announced today that its
    Lafitte ultra-deep prospect, which is located on Eugene Island Block 223 in approximately 140 feet of
    water, has encountered additional hydrocarbons. The well has been drilled to a true vertical depth of
    29,756 feet and has been logged with wireline logs to 29,740 feet. The wireline log results indicated 56 net
    feet of hydrocarbon bearing sand over a 58 foot gross interval in the Cris-R section of the Lower Miocene
    with good porosity. Flow testing will be required to confirm the ultimate hydrocarbon flow rates from this
    zone, which was full to base. McMoRan controls approximately 15,000 gross acres in the immediate area
    of Lafitte.

    The new Cris-R sand interval combined with the 115 feet of potential net pay (250 gross feet)
    announced previously brings the total possible productive net sands to 171 feet in the Lafitte well. These
    results enhance the potential of McMoRan's other acreage in the Lafitte strategic area, including McMoRan's
    Barataria and Captain Blood ultra-deep prospects. Barataria (10,000 gross acres) is located westsouthwest
    of Lafitte and Captain Blood (10,000 gross acres) is located immediately south of Lafitte.

    McMoRan plans to apply for a permit to deepen the Lafitte well to a proposed total depth of 32,000
    feet to evaluate deeper Miocene and Oligocene objectives. Lafitte is McMoRan's third ultra-deep prospect
    to encounter Miocene age sands below the salt weld on the GOM Shelf. McMoRan holds a 72.0 percent
    working interest and a 58.3 percent net revenue interest in Lafitte. Other working interest owners in Lafitte
    include Energy XXI (NASDAQ: EXXI) (18.0%) and Moncrief Offshore LLC (10.0%).


    If you have any questions, please contact David Joint by phone at (504) 582-4203 or by email at David_Joint@fmi.com<mailto:David_Joint@fmi.com>.
    This release is also available on our website at www.mcmoran.com<http://www.mcmoran.com/>.

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