MMR McMoran Exploration – Oil And Gas Stock Announces New Discovery

by Olivier on January 14, 2010

Just a quick post to highlight MMR – McMoran Exploration the newest addition to my public list. As usual the volume is telling the story. From a purely technical perspective this type of action has the potential to be a game changing event. Time will tell if these gains are indeed sustainable. Odds say they are. Still, waiting for some kind of consolidation pattern prior to initiating a position is often the prudent thing to do. Let’s see what happens.

MMR - Mcmoran Exploration

Up-to-date MMR – McMoran Exploration chart on my public list.

Here is an excerpt of the news release that sparked the recent move

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 Mexico. The results from this well will be incorporated into our models as we continue to define the potential of this promising new exploration frontier.”

Have a great evening!

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