Published On: Tue, Jul 7th, 2009

McMoRan sees positive results at gas well

McMoRan Exploration Co (MMR.N) said a deep gas exploratory well in Louisiana showed positive results, sending its shares up 5 percent in trading after the bell.

McMoRan owns a 42.9 percent working interest and a 29.7 percent net revenue interest in the Blueberry Hill well. Plains Exploration and Production Co (PXP.N) holds a 47.9 percent working interest.

The oil and gas explorer plans to deepen the well to a proposed depth of 24,000 feet from the current 21,900 feet, following the resolution of a mechanical issue.

“This appears to be a large structure with significant reserve potential and additional development and exploration opportunities,” McMoRan Co-Chairman James Moffett said in a statement.

Shares of the company rose as much as $5.29 in after-market trade, after closing at $5.04 Monday on the New York Stock Exchange.

 

Source: news.chemnet.com