McMoRan announces offshore discoveries

Apr 16, 1998 02:00 AM

McMoRan Oil & Gas Co. (MOXY) has announced that its West Cameron Block 617 #1 well has encountered approximately 306 true vertical feet of net hydrocarbon pay in 8 sands logged above 7,919 feet true vertical depth. MOXY, operator of the well, is currently setting protective pipe to a measured depth of 8,678 feet and will continue drilling deeper in order to test additional objectives.
The #1 well has a proposed total measured depth of 12,006 feet, and a true vertical depth of 10,090 feet.
West Cameron Block 617 is owned 24 % by MOXY, 23.5 % by Phosphate Resource Partners, 50 % by Forest Oil Corporation and 2.5 % by an individual investor.
West Cameron Block 617 is located in 300 feet of water in the Gulf of Mexico, approximately 130 miles offshore Louisiana and encompasses a total of 5,000 acres.
MOXY further announced that the Brazos Block A-19 #2 well has encountered hydrocarbons in a separate reservoir compartment within the larger Picaroon Field area. This field extension was defined by a recent 3-D seismic survey and efforts are currently underway to assess future development plans.
The #2 well is currently at a measured depth of 17,900 feet and continues to drill towards a proposed measured and true vertical depth of 19,000 feet. The well is owned 50 % by Shell Offshore, 16.8 % by MOXY, 16.5 % by PLP, 15 % by Spinnaker Exploration and 1.7 % by an individual investor. Brazos Block A-19 is operated by Shell Offshore.
Additionally, the MOXY Exploration Program owns a 100 % working interest in the adjacent Brazos Block A-26. The two blocks covering 11,520 acres are located in 135 feet of water, 95 miles south-west of Galveston.
MOXY is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas reserves offshore in the Gulf of Mexico and onshore in the Gulf Coast area.

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