Davy Jones #1 Well Flow Test Appears Imminent |
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November 09, 2012 |
November 2012 Bond Updates
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It's been several years since McMoRan Exploration and its partners embarked on drilling for oil and gas in the Gulf of Mexico Shallow Water Ultra Deep play. MMR's Jim Bob Moffett picked up the fallen pieces of other companies'efforts to pursue oil and mostly gas by drilling deeper wells under exhausted basins that had been given up for dead. Some of these wells are just offshore Louisiana and in only 10 or 20' of water. Exxon Mobil walked away from its Blackbeard West well when temperatures and pressures became so great that there was fear in the corporate headquarters of another Exxon Valdez type of environmental catastrophe. Think of BP's out of control Macondo well that pumped millions of barrels of oil into the waters of the Gulf of Mexico when that nightmare became a reality. MMR reentered that Blackbeard West well, the abandoned XOM well bore and after going only 2500 feet deeper, hit pay dirt.
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View more at: http://www.forbes.com/sites/joanlappin/2012/11/09/davy-jones-1-well-flow-test-appears-imminent/
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