McMoRan hits 3-year low on Davy Jones issues

McMoRan shares: Falling on market scepticism

related stories

News Wires

 27 November 2012 18:43 GMT

Shares of McMoRan Exploration, operator of some of the deepest natural gas wells in the world, tumbled to a three-year low on Tuesday after a disappointing update on the company's Davy Jones deep gas prospect off the Louisiana coast, according to a report.

Shares of McMoRan, with a 63.4% interest in Davy Jones, were down 11% after a 22% drop on Monday. Shares of Energy XXI, a partner in the project with a 15.8% working interest, fell 1% to $31.22 after dropping 7% on Monday, Reuters reported.

McMoRan, which opened the Davy Jones-1 production test well on 11 November said in the update on Monday that it was now starting to inject a barite solvent to clean out perforations to achieve a "measurable flow test."

"The market passed judgment on what we believe is…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index