Moncrief has agreed to fund drilling on a promoted basis to explore and develop ultra-deep prospects, McMoRan said.
McMoRan and two of its partners, Plains E&P and Energy XXI, will assign 10% of their collective working interests in Davy Jones to Moncrief. Moncrief may also take part in 10% of the collective interests of these parties in future ultra-deep wells.
On 28 June, McMoRan re-entered a well bore located on South Marsh Island Block 230 to evaluate the Davy Jones prospect, which involves a large ultra-deep structure over four outer continental shelf lease blocks in 20 feet of water.
By-pass
