So far, nobody has gotten any of these ultra deep wells to flow hyrdrocarbons yet.
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He decided to transfer his exploration budget from the Ultra Deep play to onshore shale deposits instead.
When this odyssey began, not many others had much interest in the Ultra Deep on the Shelf.
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Ultra Deep wells are fantastically expensive, especially for a small oil and gas exploration company such as McMoran.
Moffett spoke about the leadership role MMR is taking in both geology and production of ultra deep wells.
In 2009 and 2012, the Ultra Deep Field went even deeper with observations from a new Hubble camera.
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It also appears that as this Ultra Deep play heats up, more deep pocketed players are showing up to participate.
In addition to all these developments, we know that large players have announced their interest in the Gulf of Mexico Ultra Deep play.
In recent public statements McMoran has been identified as the clear leader in shallow water exploration of the Gulf of Mexico ultra deep.
We know that for a long time, the SWUD detractors have said there is nothing to be found in the Ultra Deep.
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If the ultra deep shallow fields can be developed safely, the economics should be significantly better than the deepwater fields much further out.
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Energy XXI has been appearing regularly at energy conferences and has become the conduit of information from McMoran for impatient investors in the Ultra Deep play.
McMoRan and Energy XXI are working furiously to unlock the huge gas discoveries they have made in the Gulf of Mexico Shallow Water Ultra Deep play.
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Moffett has told us in no uncertain terms that he intends to bring in a partner with very deep pockets to help develop the Ultra Deep play.
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In recent months, Chevron invited MMR to participate in the Lineham well and Moffett agreed as long as his Ultra Deep partners were also included in the project.
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When it comes to the ultra deep, nothing ever is.
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Both will be welcome at MMR which has bootstrapped itself for many years to develop this Ultra Deep play by selling a lot of stock and diluting early shareholders.
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But, along the way, even including disappointing wells that held no meaningful hydrocarbons, there has been a complete redefinition of the geology of the Shallow Water Ultra Deep play.
Among the important things that were discussed is the degree to which McMoRan is leading the charge in the development of the Ultra Deep play in the Gulf of Mexico.
This is a company drilling ultra-expensive wildcat wells in the Ultra Deep play in the Gulf of Mexico looking for major discoveries like Davy Jones and the earlier Flatrock series of discoveries.
Armed knowing it can find another such deal for MMR if it can successfully recover hydrocarbons from the Ultra Deep, Moffett has no incentive whatsoever to seek or want a deal now.
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It has demonstrated that it understands the technical challenges and seems better able to drill these ultra deep wells at lower cost and with a fine safety profile than the major oil companies can.
While investors wait for Jim Bob Moffett to reveal exactly what he has found in the Ultra Deep Shallow Gulf of Mexico so far this year, there are many check marks to tick off for 2011.
With each passing quarter and with each additional well drilled in the Ultra Deep zones of the Gulf, sometimes in as little as 10 feet of water, McMoRan extends its pioneering position in this play.
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It was a partner in this Shallow Water Ultra Deep drilling program in the Gulf of Mexico until its CEO, Jim Flores, was scared to death by the BP Macondo disaster and its financial impact on BP.
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It is possible that when production begins (soon, we hope) in the Ultra Deep play that the MMR joint venture is pursuing, the reservoirs found will, like Sunny, stilll be producing 30, 40 or 50 years from now.
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At this point, he and his partners, Energy XXI and the legendary Texas oil man Tex Moncrief, have pursued the Shallow Water Ultra Deep (SWUD) play in the Gulf of Mexico with a persistence that is something to behold.
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Geologists believe that the petroliferous structures discovered in the deep blocks extend westwards into contiguous ultra-deep blocks.
It also has oil companies that may be ready to drill in ultra-deep water.
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The bottom line: off-shore, especially ultra-deep water, has been almost entirely responsible for sustaining increased global and U.S. production.
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