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Exxon Mobil To Explore Shallow Water


Exxon Mobil Corporation (NYSE:XOM) has formed a joint venture with Energy XXI to explore in shallow water in the GoM.

Exxon Mobil To Explore Shallow Water

Exxon Mobil Corporation (NYSE:XOM) announced that it has signed an agreement with Energy XXI.

According to the agreement Energy XXI will acquire some of Exxon Mobil Corp.’s shallow water Gulf of Mexico interests.

The agreement covers 5,000 gross acres (20 sq km) on Vermillion block 164.

Both companies have also formed ‘Pendragon’ a joint venture to explore nine contiguous blocks adjacent to Vermillion 164.

John Schiller, Energy XXI Chairman and CEO, said that, “This joint venture with Exxon Mobil Corporation (NYSE:XOM) provides Energy XXI the opportunity to drill best-in-class exploration projects with a world-class partner. Acquiring existing production in an oil producing reservoir, along with the additional opportunities identified by our teams, makes this agreement even more significant”.

Exxon Mobil Corp. (NYSE:XOM) company shares are currently standing at 91.70.

Exxon Mobil To Explore Shallow Water
Price History
Last Price: 91.70
52 Week Low / High: 72.21 / 92.57
50 Day Moving Average: 88.83
6 Month Price Change %: 6.9%
12 Month Price Change %: 28.9%


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