McMoRan Logs Additional Pay at Davy Jones

McMoRan noted that the Davy Jones ultra-deep well has been drilled from 28,263 feet to 28,603 feet and the well has been logged with pipe-conveyed wireline logs to 28,530 feet. The wireline log results indicated a new hydrocarbon bearing sand that totaled 65 net feet. A porosity (neutron/density) log will be necessary to quantify the porosity in this new sand member.

The new sand interval combined with the 135 feet of net pay announced on January 11, 2010 brings the total possible productive net sands to 200 feet in the Davy Jones well. Flow testing will be required to confirm the ultimate hydrocarbon flow rates from the well.

McMoRan operates the Davy Jones prospect, which was drilled by the Rowan Mississippi jackup, and is funding 25.7 percent of the exploratory costs and holds a 32.7 percent working interest and 25.9 percent net revenue interest. Other working interest owners at Davy Jones include: Plains Exploration & Production Company (NYSE: PXP - News) (27.7%), Energy XXI (NASDAQ: EXXI - News) (15.8%), Nippon Oil Exploration USA Limited (12%), W.A. "Tex" Moncrief, Jr. (8.8%) and a private investor (3%).


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