McMoRan strikes again on Flatrock

The Flatrock field No. 4 well, has been drilled to 15,315 ft (4,668 m), and log-while-drilling tools have indicated hydrocarbon- bearing sands in the proven hydrocarbon column in the Rob-L section approximating 135 net ft (41 m) over an total approximate 246 ft (75 m) gross interval, according to McMoRan Exploration.

Offshore Staff

NEW ORLEANS -- The Flatrock field No. 4 well, has been drilled to 15,315 ft (4,668 m), and log-while-drilling tools have indicated hydrocarbon- bearing sands in the proven hydrocarbon column in the Rob-L section approximating 135 net ft (41 m) over an total approximate 246 ft (75 m) gross interval, according to McMoRan Exploration.

The well will be deepened to 18,500 ft (5,639 m) TD to evaluate additional targets in the Rob-L and Operc sections. The Flatrock No. 3 delineation well has been drilled to 18,587 ft (5,665 m) and the well will be completed in the Operc section. Wireline logs confirmed that the well encountered a total of 256 net ft (78 m) of hydrocarbon pay.

McMoRan previously had drilled two additional successful wells in the Flatrock area. The initial discovery well came online in January 2008 at a gross rate of 50 MMcfe/d. The Flatrock No. 2 well was tested in a Rob-L sand at a gross rate of 114 MMcfe/d and is expected to begin production mid-year 2008.

Meanwhile, Tthe Mound Point East exploratory well on Louisiana State Lease 340 began drilling on March 31, 2008 and was drilled to 17,000 ft (5,181 m) before encountering mechanical problems. By-pass operations are currently under way, according to the company. The well has reached 18,050 ft (5,502 m) TD and is targeting Operc sands in the middle-Miocene. Mound Point East is located in less than 10 ft (3 m) of water approximately 10 mi (16 km) east of the Flatrock field. McMoRan is targeting deep geologic features in the Mound Point area similar to those discovered in the Flatrock field.

McMoRan's South Timbalier block 168 No. 1 wellbore, formerly known as Blackbeard West No. 1, has been drilled to 31,943 ft (9,736 m). The company has set casing and plans to deepen the well to 35,000 ft (10,668 m) proposed depth.

06/12/2008

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