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.
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"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