Plains Exploration (PXP) Updates on Efforts to Separate Deepwater, Onshore Businesses
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Plains Exploration & Production Company (NYSE: PXP) updates on efforts to separate its deepwater and onshore businesses.
"We believe it prudent to allow time for the regulatory uncertainties to abate and to complete the Lucius well test operations before proceeding," James C. Flores, Chairman, President and CEO of PXP commented. "Our Lucius operator, Anadarko Petroleum Corporation (NYSE: APC), recently received approval to conduct well test operations beginning late March 2011. The flow test is a key milestone to possible project sanctioning in 2011, which results in significant discovered resources becoming proved reserves. Prior to separation, potential additional drilling could occur on the current leasehold on 50,000 acres covering 10 OCS blocks to further de-risk the Lucius-Phobos complex."
PXP anticipates capital exposure for these properties in CY11 of approximately $50 - $60 million net to PXP with the easing of Gulf of Mexico activity curtailments
"We believe it prudent to allow time for the regulatory uncertainties to abate and to complete the Lucius well test operations before proceeding," James C. Flores, Chairman, President and CEO of PXP commented. "Our Lucius operator, Anadarko Petroleum Corporation (NYSE: APC), recently received approval to conduct well test operations beginning late March 2011. The flow test is a key milestone to possible project sanctioning in 2011, which results in significant discovered resources becoming proved reserves. Prior to separation, potential additional drilling could occur on the current leasehold on 50,000 acres covering 10 OCS blocks to further de-risk the Lucius-Phobos complex."
PXP anticipates capital exposure for these properties in CY11 of approximately $50 - $60 million net to PXP with the easing of Gulf of Mexico activity curtailments
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