McMoRan engage in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. Our exploration strategy is focused on the “deep gas play,” drilling to depths of 15,000 to 25,000 feet in the shallow waters of the Gulf of Mexico and Gulf Coast area to target large structures in the Deep Miocene, and on the “ultra-deep gas play” below 25,000 feet. We have one of the largest acreage positions in the shallow waters of these areas, which are our regions of focus.
17/04/12McMoRan Exploration posts Q1 profit, revenues fall
19/07/11McMoRan widens Q2 losses
20/09/10Plains Exploration sells shallow water Gulf of Mexico assets to McMoRan for $818m in cash and stocks
19/01/10McMoRan Exploration reports 271.9 bcfe year end gas reserves, hits major didscovery at Davy Jones
Recent Sector News
WesternZagros Resources (CVE:WZR) and its partner Talisman Energy (TSE:TLM) have declared commerical discovery at their Kurdamir oil and gas block in Iraq with the local government.
TAG Oil (TSE:TAO) (OTCQX: TAOIF) has increased revenues in its latest quarter by 11 percent as average daily production climbed 18 percent and cash flow more than quadrupled from the first three months of the calendar year.
WesternZagros Resources (CVE:WZR) has announced a combined financing for in excess of C$400 million supported by its largest shareholder, Crest Energy International, which will help fund the development of its two major oil discoveries in the Kurdistan region of Iraq.
Tethys Petroleum (LON:TPL) (TSE:TPL) boosted revenues by 5 percent in its latest quarter from the previous three month period and predicted a substantial rise in cashflow in 2015 as its shallow gas development program in Kazakhstan builds momentum.
Caza Oil & Gas (LON:CAZA) (TSE:CAZ) revealed the significant financial impact of rising production as it reported a year-on-year 489 percent increase in revenues in the second quarter.
Madalena Energy (CVE:MVN) is in a much stronger position today than it was even just a few short months ago, according to chief executive Kevin Shaw, with the company amassing a large land position in a country with the fourth largest technically recoverable shale oil resource in the world, behind only Russia, the US and China.
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