Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Nicholas Pope – Dahlman Rose.
Nicholas Pope – Dahlman Rose
In regards to Davy Jones, you comment in the press release that you had partners signed up with the Plains and Energy 21 and I was wondering, how firmed up is that contract for Davy Jones and what is your anticipated final interest in Davy Jones when everything is settled with the partners?
James Moffatt
The reason why the partnership numbers aren’t stated is because we have one in the group that has 5,000 acres of the 20,000. 15,000 acres came in and took an override and decided to farm out to us on that basis. So 5,000 acres is controlled by Nippon and they've indicated that they would like to participate in the well which would give them about a 12% working interest. But they have some other partners that they're trying to get approval on. Nippon has given us a commitment that it will participate. I think they've got one other partner out of the five or six or eight that they had. They anticipate that will come in the next week or so.
That's why the interests aren't stated. But the commitment between three partners are working the Plains, Energy 21 and ourselves. The proportional split will be about the same and that will give us about a third, give the Plains about a third and give Energy 21 20% or less because of the dilution of the possible participation of the Nippon
So that's why the working interests are shown specifically, because it's still a work in progress and we'll nail that down as soon as we can and the next time we talk to you, what the exact percentages are. But the McMoRan Plain Energy 21 portion of the thing is a done deal and really the Nippon portion is a done deal. We're just waiting to see if they're last partner signs up so they can give us a firm commitment sometime here in the next couple of weeks.
Nicholas Pope – Dahlman Rose
With respect to the well, what is the progress? What's the status of drilling or activity on Davy Jones right now. Where exactly are you at?
James Moffat
We tied the old well back to the surface, put the new drilling rig on it. We're at approximately 11,000 feet and we're cleaning out the existing casing which was set to 17,500 feet. We have to tie back from 11,000 feet to the surface with the existing strength. Then we'll drop right down to 17,500 where there's another plug.
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