James R. Moffett, President and CEO of McMoRan Exploration (MMR), presented today at EnerCom’s The Oil & Gas Conference® 17. McMoRan Exploration engages in exploration, development, and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. Exploration strategies focus on “deep gas play,” drilling to depths of 15,000 to 25,000 feet in the shallow waters of the Gulf of Mexico and Gulf Coast area to target structures in the Deep Miocene, and on the “ultra-deep gas play” below 25,000 feet. McMoRan has one of the largest acreage positions in the shallow waters of these areas, which are their regions of focus.
During the company’s breakout session, management was asked the following questions:
- Are you planning to lease onshore or on the shelf?
- What is the status on the seal assembly that you had problems with a few weeks ago?
- What you’ve said what you’re doing is trying to “hit a homerun,” most of the time I hear questions about when, how soon, or late for that matter, will you know whether or not you’ve “hit a homerun?” When is the latest the “grand slam” will have happened?
- You said a few moments ago that you haven’t had any water in any of these wells, what is the significance of that?
- As people ask you “when,” we’re in a position that we know a lot less than you and we’re frustrated and assume that you are too. How do you keep your spirits up? Why do you think we’re at the end now?
- Is there any possibility onshore in the lower 48 that salt wells in these deep structures exist?
- When you look at technology and being so far out on the curve are you seeing anything that is being done in deepwater that can be done on the shelf. Are there cutting edge technologies similar to those used in the deepwater that can be used on the shelf?
- Is there something that you are using on the shelf that might transfer out to the deepwater?
- Are you seeing significant temperature changes as you get below the wells?
- How close is the margin between the mud weight that you need and the fracture strength of the rock when you get down into the reservoir?
- How much of the 192 feet of Tuscaloosa is sand and carbonate, how much was in the sand and how much was in the carbonate?
- Some people on Wall Street are worried you’re going to run out of money before you can prove the ultra-deep thought train, can you speak a little bit to that issue?
- What kind of timeframe do you expect to have a log test completed? Are you getting any data?
Click here for the McMoRan Exploration’s webcast.