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 20, 2001
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 and Regulation FD Disclosures
McMoRan Exploration Co. announces the following results at the Eugene Island
Block 97 (Thunderbolt) No. 3 well:
The Eugene Island Block 97 No. 3 exploratory well (Thunderbolt prospect) has
encountered an additional sand interval with 94 gross feet (75 feet net) of
highly resistive sands indicating potential hydrocarbons by electric wireline
log between 15,098 and 15,192 feet true vertical depth. The well was drilled
to a true vertical depth of 16,416 feet (measured depth of 18,302 feet).
Production casing will be run over the new pay zone. This additional 75 feet
of net pay in the Thunderbolt No. 3 well brings the total net pay in the well
to over 300 feet.
McMoRan also announced that it has confirmed by electric wireline log
approximately 230 net feet of the previously reported net pay zones within a
725-foot section between 14,025 and 14,750 feet true vertical depth.
Production casing has already been run over these previously announced pay
zones. Because of the shallow water depth and the close proximity to
existing production facilities, the Thunderbolt No. 3 can be brought on
production quickly.
McMoRan holds a 38.0 percent working interest and a 27.4 percent net
revenue interest in the Eugene Island 97 No.3 well. Ocean Energy, Inc.
(NYSE: OEI), the operator, holds a 35.0 percent working interest; Samedan Oil
Corporation, a wholly owned subsidiary of Noble Affiliates, Inc. (NYSE: NBL)
holds a 25.0 percent working interest; and an individual investor holds the
remaining 2.0 percent working interest in the prospect. The Eugene Island 97
discovery is located in 27 feet of water, approximately 25 miles offshore
Louisiana in the Gulf of Mexico. McMoRan controls 20,000 acres in the area.
As previously reported, McMoRan has also identified a related prospect at a
greater depth in the immediate area of Eugene Island Block 97 (Hornung-deep
prospect). The Hornung deep prospect is expected to be drilled to approximately
21,000 feet during the first half of 2002.
Cautionary Statements: The above information contains forward-looking
statements in which McMoRan discusses factors that it believes may affect its
performance in the future. Forward-looking statements are all statements other
than historical facts, such as statements regarding a discovery at Eugene
Island 97; future oil and gas drilling and production activities; future oil
and gas income. Important factors that might cause future results to differ
from these projections include drilling risks, the market value of oil and
gas, uncertainties in interpreting engineering data, industry risk and other
factors described in McMoRan's 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 26, 2001