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<P style="margin:0pt; font-family:Arial" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
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<P style="margin:0pt; font-family:Arial" align=center>Washington, D.C. &nbsp;20549</P>
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<P style="margin:0pt; font-family:Arial" align=center>FORM 8-K</P>
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<P style="margin:0pt; font-family:Arial" align=center>CURRENT REPORT</P>
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<P style="margin:0pt; font-family:Arial" align=center>Pursuant to Section 13 or 15(d) of the</P>
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<P style="margin:0pt; font-family:Arial" align=center>Securities Exchange Act of 1934</P>
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<P style="margin:0pt; font-family:Arial" align=center>Date of Report (Date of earliest event reported): &nbsp;January 16, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>McMoRan Exploration Co.</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;Delaware</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Arial">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:180pt; font-family:Arial">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;001-07791 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </P>
<P style="margin:0pt; text-indent:252pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;72-1424200</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(State or other</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;(Commission</P>
<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS Employer </P>
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<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;File Number) </P>
<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;incorporation or</P>
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<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number)</P>
<P style="margin:0pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;organization)</P>
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<P style="margin:0pt; font-family:Arial" align=center>1615 Poydras Street</P>
<P style="margin:0pt; font-family:Arial" align=center>New Orleans, Louisiana &nbsp;70112</P>
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<P style="margin:0pt; font-family:Arial" align=center>Registrant's telephone number, including area code: &nbsp;(504) 582-4000</P>
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<P style="margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial"><U>Item 5. Other Events and Regulation FD Disclosures</U></P>
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<P style="margin:0pt; font-family:Arial">McMoRan Exploration Co. issued a press release dated January 16, 2004 announcing a new $200 million multi-year exploration agreement and updated its Gulf of Mexico drilling activities (Exhibit 99.1).</P>
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<P style="margin:0pt; font-family:Arial" align=center>SIGNATURE</P>
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<P style="margin:0pt; text-indent:36pt; font-family:Arial">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial">McMoRan Exploration Co.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial">By: &nbsp;/s/ C. Donald Whitmire, Jr.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Donald Whitmire, Jr.</P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;Vice President &amp; Controller &#150;</P>
<P style="margin:0pt; padding-left:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Reporting </P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;(authorized signatory and </P>
<P style="margin:0pt; padding-left:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Accounting Officer)</P>
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<P style="margin:0pt; font-family:Arial">Date: &nbsp;January 16, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>McMoRan Exploration Co. </P>
<P style="margin:0pt; font-family:Arial" align=center>Exhibit Index</P>
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<P style="margin:0pt; font-family:Arial">Exhibit</P>
<P style="margin:0pt; font-family:Arial"><U>Number</U></P>
<P style="margin:0pt; padding-left:40.5pt; text-indent:-40.5pt; font-family:Arial">99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated January 16, 2004 &#147;McMoRan Exploration Co. Announces New $200 Million Multi-Year Exploration Agreement and Updates Gulf of Mexico Drilling Activities.&#148;</P>
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{"company-data": {"conformed-name": "MCMORAN EXPLORATION CO /DE/", "cik": "0000064279", "assigned-sic": "1311", "irs-number": "721424200", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07791", "film-number": "04530329"}, "business-address": {"street1": "1615 POYDRAS ST", "city": "NEW ORLEANS", "state": "LA", "zip": "70112", "phone": "5045824000"}, "mail-address": {"street1": "1615 POYDRAS ST", "city": "NEW ORLEANS", "state": "LA", "zip": "70112"}, "former-company": [{"former-conformed-name": "MCMORAN OIL & GAS CO", "date-changed": "19970707"}, {"former-conformed-name": "MCMORAN EXPLORATION CO", "date-changed": "19790223"}, {"former-conformed-name": "HORN SILVER MINES CO", "date-changed": "19720620"}]}
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  January 16, 2004
McMoRan Exploration Co.
Delaware
001-07791
72-1424200
(State or other
(Commission
(IRS Employer
jurisdiction of
File Number)
Identification
incorporation or
Number)
organization)
1615 Poydras Street
New Orleans, Louisiana  70112
Registrant's telephone number, including area code:  (504) 582-4000
Item 5. Other Events and Regulation FD Disclosures
McMoRan Exploration Co. issued a press release dated January 16, 2004 announcing a new $200 million multi-year exploration agreement and updated its Gulf of Mexico drilling activities (Exhibit 99.1).
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
McMoRan Exploration Co.
By:  /s/ C. Donald Whitmire, Jr.
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C. Donald Whitmire, Jr.
Vice President & Controller –
Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date:  January 16, 2004
McMoRan Exploration Co.
Exhibit Index
Exhibit
Number
99.1        Press release dated January 16, 2004 "McMoRan Exploration Co. Announces New $200 Million Multi-Year Exploration Agreement and Updates Gulf of Mexico Drilling Activities."