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Mcmoran Exploration Co : On Reflection – Davy Jones Letter to Shareholders

03/07/2012 | 02:43pm US/Eastern
ON REFLECTION - DAVY JONES*

March 7, 2012 (pre flow test)
To the Shareholders of McMoRan Exploration Co.:
Everywhere I go people want to know about Davy Jones - people I know
casually or even people I have never met before. Everyone asks, "How is Davy Jones?" I am happy to report to you today that the flow test is imminent. It has been two years of anticipation, so I thought I would share my thoughts with you.
The Gulf of Mexico shallow water, ultra-deep, sub-salt play has been quite a voyage, beginning with the challenge of whether McMoRan could drill deeper than anyone had drilled before with our Blackbeard West prospect. The challenge to drill deeper was a major undertaking and, as usual, our shareholders and major investors made it possible for us to raise the kind of capital for McMoRan, an independent, to take on the ultra-deep, sub-salt play along with our partners, Plains Exploration & Production Company, Energy XXI, JX Nippon Oil Exploration and Moncrief Offshore.
This exploration play benefited from the guidance and review by both the Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement. We thank them for their efforts and assistance throughout this endeavor.
The challenge of drilling deeper included learning not only how to drill a well in temperatures in excess of 400

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