Mcmoran Exploration Co : McMoRan Exploration Co. Announces Apparent High Bids on 14 Blocks on the Shelf of the Gulf of Mexico
06/22/2012| 08:20am US/Eastern
McMoRan Exploration Co. (NYSE: MMR) announced today the results of its
participation in the Central Gulf of Mexico Lease Sale 216/222 held by
the Bureau of Ocean Energy Management (BOEM) on June 20, 2012 in New
McMoRan was the apparent high bidder on a total of 14 lease blocks on
the outer Continental Shelf of the Gulf of Mexico. Six of the 14 bids
were sole bids by McMoRan and the remaining eight apparent high bids
were made jointly with Chevron U.S.A. Inc. McMoRan will pay
approximately $3.1 million in bonuses for the leases.
The lease blocks are located in the Vermilion, South Timbalier, South
Marsh Island and Eugene Island areas and are targeted in and around
McMoRan's current shallow water, ultra-deep exploration plays.
Additionally, certain wells drilled on these lease blocks if completed
to depths exceeding 19,999 feet may receive royalty suspension volumes
of 35 billion cubic feet of natural gas.
All apparent high bids are subject to a review process by the BOEM
before they can be awarded. If awarded, these leases will add over
65,000 gross acres to McMoRan's leasehold inventory, which is
approximately 900,000 gross acres currently, including over 200,000
gross acres associated with the shallow water, ultra-deep plays.
McMoRan Exploration Co. is an independent public company engaged in the
exploration, development and production of natural gas and oil in the
shallow waters of the GOM Shelf and onshore in the Gulf Coast area.
Additional information about McMoRan is available on its internet
McMoRan Exploration Co.
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P. Joint, 504-582-4203
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