Monday, January 11, 2010

Intraday action. McMoran drills to an "upside down Mt. Everest" depth, with game-changing results(MMR)

US stocks are pretty flat today.  The DJIA is up just a little, while the Nasdaq and S&P500 are in the red.

Among gainers is McMoran Exploration(MMR), with a HUGE oil discovery in the Gulf of Mexico.  In only 20 feet of water, they drilled down over 28,000 feet and came up big.  The company's market value is up 38% today, or $308million on the news.  I await some worthless DC legislators' attempt to reap any money as a "windfall" tax....

McMoRan’s Co-Chairman, James R. Moffett, said: “Davy Jones log results confirm our geologic model and indicate that the previously identified sands in the Wilcox section on this large ultra-deep structure encompassing four OCS lease blocks (20,000 acres) provides significant additional development potential which, upon confirmation development drilling, could make Davy Jones one of the largest discoveries on the Shelf of the Gulf of Mexico in decades. The geologic results from this well are important and are redefining the subsurface geologic landscape below 20,000 feet on the Shelf of the Gulf of MexicoThe results from this well will be incorporated into our models as we continue to define the potential of this promising new exploration frontier.”

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