McMoRan reports string of gulf deep shelf finds

McMoRan Exploration Co., New Orleans, reported several deep gas successes on the Gulf of Mexico shelf off Louisiana, most of which qualify for federal royalty relief on early production volumes.The company has rights to 250,000 gross acres and is still acquiring acreage and identifying prospects.The company expects to see production climb this year from an estimated 15 MMcfed first quarter average because proximity to infrastructure aids quick connection of completed wells, several of them near or below 20,000 ft."The inability of modern seismic technology to develop hydrocarbon indicators or 'bright spots' at these depths has resulted in relatively few wells being drilled to expl...

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