McMoRan (MMR) Drops on Davy Jones Malfunction

March 27, 2012 10:31 AM EDT
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McMoRan Exploration Co (NYSE: MMR) shares are getting hit early on, down about 14 percent for the session, on news related to its Davy Jones No. 1 well.

According to the company, which provided an update on Gulf of Mexico operations, "During initial attempts to perforate and flow test the Wilcox "F" sand, the hydraulic perforating equipment malfunctioned. In order to expedite the test, McMoRan elected to move up the hole to test another zone using electric-line perforating equipment while future operations and plans for the "F" sand are evaluated" [emphasis ours].

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