After setting a completion liner, the Flatrock well will be drilled to 19,000 feet to evaluate the Operc section. Production from the well is expected to commence quickly using existing infrastructure in the area. McMoRan intends to develop the opportunities in this area aggressively and is currently permitting three offset locations to provide further options for the development of the multiple reservoirs found in the Rob-L section and to evaluate the Operc section further.
McMoRan's Co-Chairmen, James R. Moffett and Richard C. Adkerson, said: "We are extremely encouraged by these drilling results which indicate a potential major discovery. This is a large structure with significant additional development and exploration opportunities. It is a clear example of our deeper pool concept. Flatrock represents the deeper expression of the structural features of the Tiger Shoal field, which produced over 3 trillion cubic feet of natural gas equivalents from multiple wells above 12,500 feet."
McMoRan controls a significant amount of acreage in the Tiger Shoal/Mound Point area (OCS Block 310/Louisiana State Lease 340). The addition of the Flatrock discovery follows prior discoveries McMoRan has made in this important area, including Hurricane, Hurricane Deep, JB Mountain, and Mound Point. McMoRan has multiple additional exploration opportunities with significant potential on this large acreage position.
McMoRan has a 25.0 percent working interest and an 18.8 percent net revenue interest and is the operator of the Flatrock well. Plains Exploration & Production Company has a 30 percent working interest.
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