McMoRan's Ultra-Deep Well Is Stuck in the Mud

McMoRan can’t get results from its Davy Jones project
Photo illustration by 731; Rigs: Bloomberg(3); Gulf: Panoramic Images/Getty Images

Jim Bob Moffett’s billion-dollar bet on an ultra-deep natural gas well in the Gulf of Mexico is looking shakier by the day. The chief executive officer of McMoRan Exploration announced on Nov. 26 that a test to determine the productive capacity of the Davy Jones No. 1 well, where drilling began in June 2009, had proved inconclusive.

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