SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2000
McMoRan Exploration Co.
Delaware 001-07791 72-1424200
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
McMoRan Exploration Co. announces the following exploration
drilling update:
On October 24, 2000 we commenced drilling the #1 exploratory well
at Main Pass Block 86/97. The well is planned to reach a total
measured depth of 10,500 feet during the fourth quarter of 2000.
We currently own a 71.3 percent working interest and a 51.3
percent net revenue interest in the prospect, which is located in
69 feet of water, approximately 60 miles offshore Louisiana.
Drilling continues on our Eugene Island Block 97, State Lease
#16033 and State Lease 340 exploratory wells.
As previously reported, we re-commenced drilling at the Vermilion
Blocks 144/145 #3 well on October 11, 2000. The well was drilled
to a total measured depth of approximately 17,250 feet on October
30, 2000. After assessing the related drilling data, we
concluded that the well did not contain commercial quantities of
oil and gas reserves and have commenced plugging and abandonment
operations. As a result, we will charge approximately $6
million to exploration expense during the fourth quarter of 2000.
The rig involved in drilling the Vermilion Blocks 144/145 #3 well
will move to our prospect at Eugene Island Block 193, where we
plan to commence drilling an exploratory well in the fourth
quarter of 2000 to an expected total measured depth of
approximately 17,600 feet. We currently own a 53.4 percent
working interest and a 41.7 percent net revenue
interest in this prospect. This prospect covers 10,000 acres
and is located in approximately 100 feet of water, 135 miles
offshore Louisiana.
Cautionary Statement: This report contains forward-looking
statements in which we discuss actions and events that we
believe may affect our performance in the future. Forward-
looking statements are all statements other than historical
facts, such as statements regarding our planned exploration
drilling and production activities. Important factors that
might cause future results to differ from these forward-
looking statements include drilling risks, the market value
of oil and gas, uncertainties in interpreting engineering
data, industry risks and other factors described in our most
recent Form 10-K and subsequent Forms 10-Q filed with the
SEC.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
McMoRan Exploration Co.
By: /s/ C. Donald Whitmire Jr.
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C. Donald Whitmire, Jr.
Vice President & Controller -
Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: November 6, 2000