January 13, 2010, 2010 (FinancialWire) — Energy XXI (Bermuda) Ltd. (NASDAQ: EXXI) (LSE: EXXI) announced a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water.

The well has been drilled to 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. The wireline log results indicated a total of 135 net feet of hydrocarbon-bearing sands in four zones in the Wilcox section of the Eocene/Paleocene. All of the zones were full to base, with two of the zones containing a combined 90 net feet. The Eocene/Paleocene (Wilcox) suite of sands logged below 27,300 feet appears to be of exceptional quality. Flow testing will be required to confirm the ultimate hydrocarbon flow rates from the four separate zones. The resistivity log obtained on January 10th was the last data needed to confirm hydrocarbons in South Marsh Island Block 230. Drilling will resume to deepen the well to a proposed depth of 29,000 feet to test additional objectives.

“The Davy Jones discovery verifies the ultra-deep potential of the Gulf of Mexico shelf and opens this horizon as a major exploration frontier,” Energy XXI chairman and CEO John Schiller said. “Our partner McMoRan has done an outstanding job leading this extraordinary exploration effort, and we look forward to an active and exciting drilling program to further define and expand the ultra-deep shelf play.”

Energy XXI, through a joint venture Area of Mutual Interest with McMoRan, has the option to continue participating in further exploration within the ultra-deep shelf play below the salt weld. Prospects on this acreage have multi-Tcfe gross unrisked potentials and target objective sections on the shelf in the Miocene and older age sections that have been correlated to those productive sections seen in deepwater discoveries made by other industry participants.

Energy XXI is funding 14.1 percent of the exploratory costs to earn a 15.8 percent working interest and 12.6 percent net revenue interest at Davy Jones.

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