Jan. 11 (Bloomberg) -- McMoRan Exploration Co. and Energy XXI (Bermuda) Ltd. discovered what may be one of the biggest oil finds in decades in shallow waters of the U.S. Gulf of Mexico. Shares of both companies jumped more than 30 percent.
The well, drilled 10 miles (16 kilometers) from shore in 20 feet (6 meters) of water, found a 135-foot column of oil- and gas-soaked rock in four zones of the Davy Jones prospect, Energy XXI said today in a statement. The hole was drilled to 28,263 below sea level, or almost as deep as Mt. Everest is high.