McMoRan reports potential discovery at gas well

NEW ORLEANS — Independent oil and gas producer McMoRan Exploration Co. said Monday that drilling results indicate a potential discovery at a deep gas exploratory well in Louisiana.

McMoRan owns a 42.9 percent working interest and a 29.7 percent net revenue interest in the Blueberry Hill well. Plains Exploration and Production Co. holds a 47.9 percent working interest.

The well has been drilled to a true vertical depth of 21,900 feet. McMoRan plans to deepen the well to a proposed total depth of 24,000 feet after a mechanical issue is resolved.

In a statement, McMoRan Co-Chairman James R. Moffett said the drilling results indicate "a potential major discovery."

"This appears to be a large structure with significant reserve potential and additional development and exploration opportunities," he said.