McMoRan Exploration has announced its Vermillion Block 196 #2exploratory well has revealed 70 feet of net oil and gas pay inthree sands between depths of 13,160 and 14,350 feet.

The McMoRan-operated Vermillion Block 196 #2 exploratory wellexpects to develop an estimated 50 Bcfe, which was the company’spreviously stated gross un-risked potential. Located in 115 feet ofwater about 50 miles offshore Louisiana, the well marks the firstto be drilled under the company’s multi-well exploration alliancein the Gulf of Mexico.

McMoRan owns a 47.5% working interest in Vermillion Block 196,with the Samedan unit of Noble Affiliates and an unnamed investoreach owning 25% stakes as well. After temporarily abandoning andsaving the Vermillion 196 #2 well, McMoRan and Noble Affiliateswill turn their interests toward Vermillion Block 144 which thecompanies own 71.3% and 25% respectively. On Block 144 McMoRan willfinish drilling a temporarily suspended exploratory well to a depthof 18,000 feet. Block 144 is 40 miles offshore Louisiana in 90 feetof water.

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