McMoRan estimates 546.7 Bcfe of reserves in Louisiana subsalt discovery

Houston (Platts)--20Feb2013/1114 am EST/1614 GMT


McMoRan Exploration said Wednesday that an independent review of a ultra-deep onshore find in southern Louisiana has estimated gross proved, probable and possible oil and gas reserves of 546.7 Bcf-equivalent.

Of that, 141.7 Bcfe, including 12.9 Bcfe of net proved reserves, would be net to McMoRan, the New Orleans-based independent exploration and production company said in a statement. McMoRan is participating in the Lineham Creek well with a 36% working interest. Chevron, the operator, holds 50%. The other working interest holders are Energy XXI, with 9%, and W.A. "Tex" Moncrief Jr., with 5%.

The estimates are associated with interim results from the sands encountered above 24,000 feet in the Lineham Creek ultra-deep exploratory well located onshore in southern Louisiana, the McMoRan statement added.

Article continues below...


Sign up for Oilgram News Oilgram News
Oilgram News

Oilgram News brings fast-breaking global petroleum and gas news to your desktop every day. Our extensive global network of correspondents report on supply and demand trends, corporate news, government actions, exploration, technology, and much more.

Purchase a subscription to Oilgram News Request More Information

"These are the first of what we hope will be sizeable reserves from the sub-salt, ultra-deep trend onshore and in the shallow waters of the Gulf of Mexico," James Moffett, co-chairman, CEO and president of McMoRan said in the statement.

Lineham Creek, in Cameron Parish, Louisiana, is currently drilling below 27,600 feet to evaluate further, and has a proposed total depth of 29,000 feet, McMoRan said.

--Katharine Fraser, katharine_fraser@platts.com
--Edited by Valarie Jackson, valarie_jackson@platts.com





© 2014 Platts, McGraw Hill Financial. All rights reserved.