James R. Moffett, Co-Chairman of McMoRan said, "We are pleased to announce this exploration arrangement with our new partner and our opportunities to pursue active exploration in the Gulf of Mexico. We have identified a series of high potential prospects outside of our JB Mountain/Mound Point area which are available to drill as we continue to aggressively pursue the potential for this area."
This new partner is a participant in the Dawson Deep prospect at Garden Banks Block 625 which currently is drilling below 21,700 feet. Drilling will continue to a measured depth of 23,700 feet (a true vertical depth of 22,000 feet) to test the deep exploration objectives. McMoRan owns a 30 percent working interest and a 24 percent net revenue interest in the well. Kerr-McGee Oil & Gas Corporation operates Dawson Deep and owns a 25 percent working interest. Nexen Petroleum Offshore U.S.A. Inc. owns a 15 percent working interest and Cal Dive International, Inc. owns the remaining 10 percent interest. The Dawson Deep prospect is located on a 5,760 acre block adjacent to the recently commissioned Gunnison spar facility which achieved first production in December 2003 and is located approximately 150 miles offshore Texas in over 2,900 feet of water.
Most Popular Articles