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FCX announces positive drilling results

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Oilfield Technology,

Freeport-McMoRan Inc. announced today positive drilling results from the Freeport-McMoRan Oil & Gas development wells in the Deepwater Gulf of Mexico. Production from these projects is expected to total approximately 30 000 boe/d in 2016.

James R. Moffett, Chairman of the Board, said, “The results from the Holstein Deep and Dorado development wells are excellent examples of investments in low risk, high return development opportunities utilising existing infrastructure in the Gulf of Mexico. As we work to manage capital in a challenging market environment, we will continue to prioritise development projects in our core focus areas.”

During the fourth quarter of 2014, the Holstein Deep delineation well in the Green Canyon area reached a total depth of approximately 31 100 ft. Recent wireline logs and core data combined with previously reported interim results confirmed that the well encountered a total of approximately 234 net ft of Miocene oil pay with excellent reservoir characteristics and good correlation to the discovery well and previous confirmation sidetrack penetration.

The Holstein Deep development is located in Green Canyon Block 643, west of the Holstein platform in 3890 ft of water.

Adapted from press release by Joe Green

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