Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of McMoRan Exploration (NYSE:MMR) have dropped as much as 25% today after the company announced another delay at an important oil well.

So what: The company said it plans to test the flow of the Davy Jones No. 1 well once it unclogs the well with a solvent injection. This is another in a long string of delays by McMoRan, which had originally planned on testing the well's flow a year ago.

Now what: Losses have piled up the last two quarters so another well in production is really needed by the company. The long delay is just adding to uncertainty for investors -- there's even concern the company may have to abandon the well completely. I see no reason to buy the news today and would take a cautious approach until we see some solid data about the well going forward.

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Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDrawThe Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.