Jan. 2013 - Flow testing is still being attempted at Davy Jones-1 in South Marsh Island block 230. Earlier this month the well was re-perforated at the Wilcox formation and the company has confirmed that the perforations are open and able to accept fluid. Fracking options are being evaluated to encourage the formation to flow. Completion and testing of the Davy Jones offset appraisal well (Davy Jones-2) should commence following review of the Davy Jones-1 results.

Nov. 2012 - Production testing at McMoRan's Davy Jones-1 well is ongoing in South Marsh Island Block 230. Davy Jones is an ultra-deep prospect that required the use of heavily weighted drilling fluid to maintain the correct hydrostatic pressure. The well has been displaced with completion fluid and the company is preparing to inject a barite solvent into the perforated intervals so that a measurable flow test can be achieved. The ultra-deep well was drilled to 29,000 feet and intercepted 200 feet of net pay.

Apr. 2012 - McMoRan has completed technical work on the Davy Jones No. 1 well on South Marsh Island Block 230 in the GOM. Work is ongoing to establish commercial production from the well, stated the operator. To maximize production from the well and enable effective formation penetrations, McMoRan plans to use electric wireline casing guns that are larger than the tubing guns used to perforate the Wilcox "C" and "D" sands. The company expects its current operations to enable a measurable flow rate during the second quarter of 2012 followed by commercial production shortly thereafter.

Mar. 2012 - McMoRan is continuing to flow test the Davy Jones No. 1 well on Block 230 at South Marsh Island. As previously reported, McMoRan saw positive pressure response from the Wilcox "D" sand which was perforated on March 24, 2012. On March 26, 2012, the operator attempted to perforate the Wilcox "C" sand. As the perforating gun was being removed from the hole, the well began to flow. When the gun was brought to the surface, it was determined that the gun did not fire in the Wilcox "C" sand from what appears to be a simple disconnection of the detonator cord. The company plans to use a new perforating gun to complete the testing of the Wilcox "C" sand. Currently, the test is ongoing from only the Wilcox "D" sand, which resulted in the flare shown in the exhibit attached. The flow from the "D" sand is being affected by considerable debris in the 5-inch liner, from what McMoRan believes to be residual drilling fluid from drilling of the well. Results of a clean flow test, as opposed to the current test hampered by debris, will be announced as further progress is achieved and flow rates are measurable. McMoRan will provide updates as completion operations progress.

Jan. 2012 - McMoRan says completion activities of the Davy Jones No. 1 discovery well are at an advanced stage with flow testing expected in 1Q12. Initial production is expected shortly after a successful flow test. Furthermore, completion and flow testing of the Davy Jones No. 2 well are expected in the second half of 2012. Davy Jones is located on South Marsh Island Block 234 in 20 feet (6 meters) of water.

Jan. 2012 - McMoRan is moving forward with completion activities of the Davy Jones No. 1 discovery well at South Marsh Island Block 230 in the GOM. Installation of the central processing facility for the Davy Jones No. 1 well and sales pipelines were completed. The operator plans to proceed with the completion and flow testing of the well once the wellbore is cleared. Once a flow test is completed, McMoRan expects first production from the well to be established. As previously reported, McMoRan has drilled two wells on the field. The operator expects to complete and flow test both wells in 2012. Davy Jones is located on South Marsh Island Block 234 in 20 feet (6 meters) of water. McMoRan operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

Jun. 2011 - McMoRan has cased the Davy Jones offset well at a depth of 30,450 feet (9,281 meters). Energy XXI, a partner in the field, announced logging operations are complete, and evaluation of the logs commenced. As previously released, wireline logs indicate more than 200 feet (61 meters) of gross sand and about 100 net feet (30 meters) of sand, based on porosity data available, in multiple Wilcox zones appear to be hydrocarbon-bearing. Below the identified Wilcox section, the well encountered Upper Cretaceous, Tuscaloosa and Lower Cretaceous sections. Currently, the operator is suspending the well as a producer with hopes to commence production during 2Q12. Davy Jones is located on South Marsh Island Block 234 in 20 feet (6 meters) of water. McMoran operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

Feb. 2011 - McMoRan announced an offset appraisal well confirms its Davy Jones discovery is a massive find in the shallow waters of the Gulf of Mexico. Preliminary data from wireline logs over the interval from 25,400 to 27,300 feet (7,742 to 8,321 meters) indicate over 200 feet (61 meters) of gross sand and about 100 net feet (31 meters) of sand in multiple Wilcox zones appear to be hydrocarbon-bearing. Additional data is required to complete the evaluation, stated the operator. However, log data indicates the offset well to be about 1,300 feet (396 meters) structurally high to the Davy Jones discovery well and confirms the major structural features of the prospect. All but one of the sands in the discovery well appear to be present in the offset well, verify sand continuity on the Davy Jones feature. This also suggests that the Wilcox sands could be sheet sands, not channel sands, and could be present at other prospects on its acreage position within the Davy Jones trend, stated McMoRan. The operator is now deepening the well to evaluate additional objectives. The appraisal well was drilled about two miles southwest of the discovery well, which is located on South Marsh Island Block 234 in 20 feet (6 meters) of water. McMoran operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

Jul. 2010 - The Davy Jones offset appraisal well is currently drilling below 10,800 feet (3,292 meters) towards a proposed total depth of 29,950 feet (9,129 meters). It is expected the well will test similar sections up-dip to the discovery well, as well as deeper objectives, including potential additional Wilcox and possibly Cretaceous (Tuscaloosa) sections. Davy Jones is located on South Marsh Island Block 230 in 20 feet (6 meters) of water in the Gulf of Mexico. McMoran operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

May. 2010 - Baker Hughes deployed a full suite of technologies designed for high-pressure, high-temperature environments at the Davy Jones ultra-deep gas discovery. The technology was employed to re-enter an existing well, set a whipstock at roughly 17,300 feet (5,273 meters) and drill to more than 29,000 feet (8,839 meters) measured depth in the extreme HPHT conditions of the Gulf's Lower Tertiary formations. The wireline logging operations were conducted at 28,134 feet (8,575 meters) and included acoustic, gamma ray, density, and neutron logs. The wireline logging operation will provide additional reservoir understanding of the field. Davy Jones is located on South Marsh Island Block 230 in 20 feet (6 meters) of water in the Gulf of Mexico. McMoRan operates the block, holding a 32.7% interest.

Apr. 2010 - McMoRan Exploration Co. is delaying a planned production test at the Davy Jones prospect. The flow test was expected to start at the end of the year, but the date was reset to begin in 12 to 18 months. Davy Jones is located roughly 10 miles (16 kilometers) off the Louisiana coast in a water depth of about 20 feet (6 meters). McMoRan operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

Mar. 2010 - McMoRan Oil and Gas has submitted an Exploration Plan to the MMS for drilling operations at the Davy Jones field. The plan proposes to drill, complete and install a well protector over well location F in South Marsh Island block 234. Davy Jones is an Eocene/Paleocene discovery which was confirmed in January 2010. McMoran operates the block, holding a 32.7% interest; PXP holds 27.7%; EXXI holds 15.8%; Nippon Oil holds 12%; W.A. "Tex" Moncrief, Jr. holds 8.8%; and a private investor holds the remaining 3% interest.

Jan. 2010 - McMoRan said it discovered a new hydrocarbon-bearing sand at its Davy Jones prospect. The ultra-deep well was drilled from 28,263 to 28,603 feet (8,615 to 8,718 meters) and the wireline log results indicated a total of 65 net feet (20 meters) of hydrocarbon-bearing sands. On January 11, the company announced the well encountered 135 net feet (41 meters) of hydrocarbon-bearing sands in four zones in the Wilcox section of the Eocene/Paleocene reservoir. Additional net pay brings the total possible productive net sands to 200 feet (61 meters) in the Davy Jones well. Flow testing will be required to confirm the flow rates from the well.

Jan. 2010 - A discovery was made on the Davy Jones prospect, located on South Marsh Island Block 230 in 20 feet (6 meters) of water. Reaching a measured depth of 28,263 feet (8,615 meters), the well was logged with pipe-conveyed wireline logs to 28,134 feet (8,575 meters). The results of the wireline log test indicate a total of 135 net feet (41 meter) of hydrocarbon bearing sands are located in four zones in the Wilcox section of the Eocene/Paleocene reservoir. Flow testing still needs to be conducted before estimates on hydrocarbon flow rates from the four separate zones will be available. The operator plans to deepen the discovery well to 29,000 feet (8,839 meters) to test additional objectives. McMoRan operates the prospect, holding a 32.7% interest. Other partners include: Plains Exploration & Production (27.7%), Energy XXI (15.8%), Nippon Oil Exploration (12%), W.A. "Tex" Moncrief, Jr. (8.8%) and a private investor (3%).

Dec. 2009 - McMoRan announced drilling was continuing on the Davy Jones prospect, and drilling is approaching the proposed total depth. Having reached a depth of 28,112 feet (8,569 meters) the prospect has a proposed total depth of 29,000 feet (8,839 meters). The objective of the well is to test the Eocene, Paleocene and possibly the Cretaceous formations below the listric fault. Wireline logs have indicated there is several hundred feet of sand, which some maybe hydrocarbon bearing, in the Yegu/Sparta section. Currently, the operator is conditioning the hole to reach its targeted depth. Additional logging will be performed to identify the sands in the Eocene section. McMoRan operates Davy Jones with a 35.7% working interest. Other participants include PXP (27.7%), Energy XXI (15.8%), Nippon Oil (12%), and W.A. "Tex" Moncrief Jr. (8.8%).

Oct. 2009 - McMoRan re-entered South Marsh Island Block 230, ST#1 exploration well to evaluate the Davy Jones prospect. The well is drilling below 25,000 feet (7,620 meters) to a proposed total depth of 28,000 feet (8,534 meters) to test Eocene (WIlcox), Paleocene and possibly the Cretaceous (Tuscaloosa) sections below the salt weld (i.e. listric Fault). This is part of McMoRan's ultra-deep drilling program, which the company expects to maintain through 2010. McMoRan operates Davy Jones with a 35.7% working interest. Other participants include PXP (27.7%), Energy XXI (15.8%), Nippon Oil (12%), and W.A. "Tex" Moncrief Jr. (8.8%).