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McMoRan Exploration (NYSE: MMR) $16.58. Today updated its exploration and development activities and also provided an update on its cumulative findings to date from its shallow water, ultra-deep exploration and development activities on the Gulf of Mexico (GOM) Shelf.
McMoRan has actively pursued large ultra-deep targets located in the shallow waters of the GOM below the salt weld (i.e. listric fault) at depths generally below 25,000 feet since 2008. The data gained to date from four wells confirms McMoRan’s geologic model and the highly prospective nature of this emerging geologic trend. Prior to McMoRan’s involvement in the ultra-deep, there had been only two wells drilled on the Shelf targeting these objectives; one did not reach its targeted depth and the other was outside of McMoRan’s focus area. Importantly, McMoRan’s results to date have indicated the potential for large accumulations of hydrocarbons at these deeper depths in the shallow waters of the GOM, which is expected to reduce the risk of future activities.
McMoRan’s activities to date have confirmed that drilling below the salt weld on the Shelf of the GOM can be achieved safely. In addition, the data indicates the presence below salt of geologic formations including Middle/Lower Miocene, Wilcox, Frio, Tuscaloosa and Cretaceous Carbonate. These formations have been prolific onshore, in the deepwater GOM and in international locations. McMoRan is encouraged by the results which indicate the potential for prospects with high quality reservoirs on large structures with multi-Tcfe of gross unrisked potential. McMoRan intends to conduct further drilling and flow testing to determine with greater certainty the ultimate potential of this emerging geologic trend.
What They Do: McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the GOM Shelf and onshore in the Gulf Coast area.
Spreadtrum Communications (Nasdaq: SPRD) $12.49. Today announced that its Board of Directors has approved a quarterly cash dividend of US$0.05 per American Depositary Share or approximately US$0.0167 per Ordinary Share (each American Depositary Share represents three Ordinary Shares). The first quarterly dividend will be payable on July 26, 2011 to holders of record of Ordinary Shares (which includes holders of American Depositary Shares) as of the close of business on July 11, 2011. This dividend represents a quarterly payout of approximately $2.45 million in aggregate. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Spreadtrum's financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.
What They Do: Spreadtrum Communications is a fabless semiconductor company that develops baseband and RF processor solutions for the wireless communications market.
Taser International (Nasdaq: TASR) $4.49. Today announced an order for 165 TaserX2 electronic control devices (ECDs) and related accessories for the South Dakota Highway Patrol. The X2 is the latest ECD model from TASER with a dual-shot semi-automatic capability.
The order provides the South Dakota Highway Patrol with 165 TASER X2 ECDs, 535 TASER cartridges, and related accessories and will outfit each patrol officer with a new X2. This order is anticipated to ship during the second quarter.
What They Do: TASER International is a global provider of safety technologies that prevent conflict and protect life.
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