The Flatrock well is the first well drilled in the OCS 310/Louisiana State Lease 340 area by McMoRan or others to encounter multiple apparent hydrocarbon bearing sands in the Rob-L section, several of which are above the well's primary objective. The Flatrock prospect is three miles north and down dip of the Hurricane discovery in South Marsh Island Block 223, indicating that the Flatrock Rob-L hydrocarbon bearing zones must be structurally or stratigraphically separated from the up dip Hurricane Rob-L production. This information has significant implications in an area where McMoRan has a number of additional drilling opportunities.
McMoRan plans to continue drilling the Flatrock well to evaluate additional Rob-L and Operc objectives and may elect to deepen the well below 16,500 feet. McMoRan has a 25.0 percent working interest and an 18.8 percent net revenue interest in the Flatrock well. If successful, the well could be brought on production quickly utilizing existing infrastructure in the area. Flatrock would be McMoRan's eighth successful well in the OCS 310/Louisiana State Lease 340 area.
The Cottonwood Point exploratory prospect at Vermilion Block 31 commenced on March 1, 2007, and is currently drilling below 14,400 feet with a proposed total depth of 21,000 feet. Log-while-drilling tools have indicated approximately 60 net feet of resistivity in three sands, indicating the presence of potential hydrocarbons. The well will be drilled to its next casing point and logged with wireline tools to evaluate these potentially productive zones. McMoRan has a 15.0 percent working interest and an 11.3 percent net revenue interest in the Cottonwood Point well.
The Cas exploratory well at South Timbalier Block 70 commenced drilling on January 30, 2007, and is drilling ahead with a planned true vertical depth of 25,000 feet. The Cas prospect is located in approximately 65 feet of water. McMoRan has rights to 5,000 gross acres in this area. McMoRan has a 15.0 percent working interest and a 12.4 percent net revenue interest.
The Mound Point South exploratory prospect at Louisiana State Lease 340 commenced on April 12, 2007, and is currently drilling below 16,000 feet with a proposed total depth of 20,000 feet. McMoRan has an 18.3 percent working interest and a 14.5 percent net revenue interest in the Mound Point South well.
McMoRan has also elected to sidetrack the Blueberry Hill well at Louisiana State Lease 340. Attempts to clear the blockage above the perforated interval were unsuccessful during June 2007. The sidetrack is targeting Gyro sands in a down dip position believed to be better developed than the sands seen in the original well. As previously reported, the Blueberry Hill well at Louisiana State Lease 340 encountered four potentially productive hydrocarbon bearing sands below 22,200 feet in February 2005. Testing of this well commenced in the fourth quarter of 2006 following the receipt of special tubulars and casing for the high pressure well.
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