McMoRan Exploration Co. (MMR)

[mlkrborn]

McMoRan, Energy XXI Announce "Major" Gas Discovery



FOXBusiness



McMoRan Exploration (MMR) and Energy XXI (EXXI) announced a “major” discovery of gas in the Gulf of Mexico on Monday.

The two companies have found gas-bearing sands in the Davy Jones ultra-deep prospect. Approximately 135 net feet of hydrocarbon bearing sands are available in the prospect, which was drilled 28,263 feet.

There are plans to increase the depth of the well to 29,000 feet.

McMoRan's co-chairman, James Moffett, said in a statement that the well’s find is “important” and “redefining the subsurface geologic landscape below 20,000 feet on the Shelf of the Gulf of Mexico.”

Shares of McMoRan jumped 51% on the news, while Energy XXI added 33% to $3.50.