Article: MCMORAN EXPLORATION CO. UPDATES GULF OF MEXICO DRILLING ACTIVITIES AT JB MOUNTAIN, LIGHTHOUSE POINT AND CYPRUS PROSPECTS.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--Dec. 18, 2002

McMoRan Exploration Co. (NYSE:MMR) announced today that the South Marsh Island Block 223 (JB Mountain prospect) exploratory well has been drilled to a measured depth of approximately 20,000 feet. The well has been evaluated with wireline logs and formation tests, which have indicated intervals of hydrocarbon pay, and casing has been set. The operator is drilling ahead with a planned total measured depth of 22,500 feet.

McMoRan also announced that the South Marsh Island Block 207 (Lighthouse Point-Deep prospect) exploratory well has been drilled to a measured depth of approximately ...

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