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
Royal Dutch Shell has obtained regulatory approval from the European Commission to buy BG Group, clearing another anti-trust hurdle to completing the near £50bn acquisition.
Falcon Oil & Gas (LON:FOG, CVE:FO) chief Philip O'Quigley hailed as an “excellent start” the drill results from its first well in Australia’s Beetaloo Basin. Kalala S-1 intercepted more than 500 metres of shale gas with a net pay (the potentially economic portion) of 150 metres.
The lower price environment is here to stay, longer than many of the key players anticipated.
There has been much talk in the oil and gas sector that there will need to be a round of mergers and acquisitions to avoid the dire consequences of a plummeting oil price.
The excitement will come when well results are revealed - but the financials reveal a well financed company.
Tethys is holding talks with Nostrum and the potential buyer now has exclusivity until August 25
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