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 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.
"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
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, firstname.lastname@example.org
--Edited by Valarie Jackson, email@example.com