McMoRan acquires Plains' GoM shelf assets for US$818 million
McMoRan has announced an US$818 million cash and stock deal to acquire Plains E&P's entire Gulf of Mexico (GoM) shelf portfolio. The acquisition will consolidate McMoRan's existing position across the shelf, increasing the company's exposure to its own deep and ultra-deep exploration programmes. The GoM shelf encompasses areas in water depths of less than 400 metres. Deep and ultra-deep wells are defined as those drilled to sub-surface depths in excess of 4,570 metres ...