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
Marquee Energy's (CVE:MQL) "complimentary" acquisition at Michichi in east central Alberta continues to consolidate its core area, with one third of the cost funded through non-core dispositions, according to Dundee Capital Markets.
TAG Oil (TSE:TAO) (OTCQX:TAOIF) said its fiscal third quarter production jumped 30 percent from a year earlier and 8 percent from the previous quarter due to successful development drilling and optimization at its core Cheal operations in New Zealand.
Madalena Energy's (CVE:MVN) shares rose after receiving an upbeat assessment from Industrial Alliance Securities on the back of a 155 percent increase in the Argentina-focused oil and gas junior's proved plus probable reserves.
Surge Energy (TSE:SGY), which is focused on Alberta and Manitoba, reported a 52 percent increase in its proved plus probable reserves at year-end 2014. Proved plus Probable reserves rose to 112.0 million barrels of oil equivalent on December 31, 2014, from 73.5 million boe on December 31, 2013, the Calgary, Alberta-based company said in a statement today.
As at December 31, 2014, proved plus probable reserves stood at 11,494 MBoe, up from 4,505 MBoe. Net present value at a 10 percent discount rate for 2P reserves, before tax, climbed 297 percent to $199.39 million, primarily supported by Madalena's conventional assets, it said.
TAG Oil (TSE:TAO) (OTCQX:TAOIF) says that its CEO Garth Johnson and COO Drew Cadenhead have resigned, but will continue in their respective roles during a transition period.
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