In July 2011 the company drilled an exploration well on the Fulla prospect, where reservoir sands were found to be oil-bearing.

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The prospect of shale gas exploration and the use of fracking to release the gas is bound to be controversial in communities affected.

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Such shareholders may not blink at the prospect of virgin Alaskan wilderness opening up for oil exploration, but they care if this poses a risk to a company's share price.

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There is also an exploration unit engaged in tie-ups with other mining companies to prospect for gold, diamond and coal (its main tin reserves at Bangka are expected to last only another decade).

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McMoRan Exploration tumbled after the company reported a technical difficulty at its Davy Jones prospect, which the company has said has the potential to be one of the largest wells on the Gulf of Mexico's shelf in decades.

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