The exploration well is located on Eugene Island Block 223 in 140ft of water.

Wireline logs indicate several Lower Miocene sands below 24,300ft that appear to be hydrocarbon bearing.

The company said the Lower Miocene aged sands are correlative to Lower Miocene sands seen onshore and in the deepwater of the Gulf of Mexico and provide additional confirmation of McMoRan’s ultra-deep geologic model.

McMoRan is preparing to set casing in the Lafitte well to 27,000ft and plans to deepen the well to a proposed total depth of 29,950ft to evaluate deeper Miocene objectives and possibly the Oligocene section.

McMoRan holds a 72% working stake and 58.3% net revenue % in Lafitte, and other working interest owners in Lafitte include EXXI (18%), and Moncrief Offshore (10%).

McMoRan is engaged in the exploration, development and production of natural gas and oil in the shallow waters of the GOM Shelf and onshore in the Gulf Coast area.