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
Tethys Petroleum (LON:TPL) (TSE:TPL) told investors that its first shallow gas exploration well of this year’s campaign has been a success.
Shares of Bellatrix Exploration (TSE:BXE) were rising on Thursday after the oil and gas company said it more than doubled its proved and probable reserves at year-end 2013, benefiting from the largest capital program since it converted to a "growth-oriented" explorer and producer.
Drilling activity is ramping up in an aggressive form in the Vaca Muerta shale of Argentina, with YPF --- Argentina's largest shale oil producer --- just announcing two contracts valued at a total of $1.2 billon to lease another 15 drilling rigs to develop the formation, a boon to smaller companies like Madalena Energy (CVE:MVN) (OTC:MDLNF) that have properties in the region.
The Vancouver, British Columbia-based oil and gas company, which is in the midst of closing a deal to acquire Pennant Energy as part of its strategy to become a junior producer, is of the view that the only way to survive these constrained capital markets is to come “in front of a trend”, creating a first-mover advantage.
PetroNova (CVE:PNA) shares jumped over 15% Friday after the Colombia-focused oil and natural gas company signed a farm-out deal with Pacific Rubiales Energy (TSE:PRE) for the development of its Tinigua exploration and production contract.
Operationally, there hasn’t been a great deal of activity, but, in a few short months this will change as a potentially ‘company making’ drill programme gets underway offshore Liberia.
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