By OGJ editors
HOUSTON, Apr. 22 -- McMoRan Exploration Co., New Orleans, Tuesday reported another potential hydrocarbon find in 10 ft. of water on its Louisiana State Lease 340 on the Mound Point Offset prospect.
Resistivity measurements from a log-while-drilling tool indicated: "significant intervals of potential hydrocarbon pay" in the well, McMoRan said. Drilling has reached 17,865 ft MD. The company said the well would be drilled to 19,000 ft TD.
The measurements are in a more-shallow zone than that of McMoRan's Mound Point #2 discovery well a mile away that flowed at 10-20 MMcfd during January 2002 before salt water above the perforated zone encroached the well and led to its flooding and abandonment (OGJ Online, Jan. 31, 2002).
El Paso Production Co. is funding all drilling and development costs through an exploration program signed with McMoRan in May 2002 (OGJ Online, June 7, 2002).