Energy XXI

dan_s · Post by **dan_s** » Wed Jul 18, 2012 8:14 am

Several Sweet 16 members are getting a lot of buyers in pre-market this morning.

EXXI up on news that MMR will be testing and completing the Davy Jones well by the end of July. They were able to get the liner set. "McMoRan expects to conduct a test at its Davy Jones No. 1 well at the end of this month, and launch commercial production soon afterward. McMoRan said in 2010 that Davy Jones could be one of the largest natural gas discoveries in the shallow waters of the Gulf in decades, but has struggled with technical difficulties at the site."
This news should also help PXP and SARA.

Note that there is no production for Davy Jones in my forecast model for Davy Jones. If this well comes on strong, it will give EXXI production a big boost.

CRZO, ROSE, GPOR and TGA also getting strong bids this morning.