www.meridianpetroleum.com

http://moneyam.uk-wire.com/cgi-bin/articles/200909240700095757Z.html
http://www.meridianpetroleum.com/admin/News/Docs/2008%20Results.pdf

http://www.meridianpetroleum.com/admin/News/Docs/Operations%20Update%20March%2009.pdf

http://www.oilbarrel.com/news/display_news/article/conference-report-2-petroceltic-international-targets-multi-tcf-resource-in-algeria-meridian-petro/771.html



Producing Oil/nat gas from the ELV field/USA....45% of Oil/Gas produced hedged at $100/bbl and $10.90 per mcf)

http://www.oilbarrel.com/fileadmin/content/pdfs/oilbarrel/presentations/merid%20pres.pdf


Drilling ELV.....Suspended until gain consent for sidetrack...casing and wellhead left in for future re entry

3D Seismics have been shot on PEL82 Otway Basin Australia....results are excellant!
PEL 82 Potential resource increased from 150mbbls Oil tooooooo 430mbbls Oil!



Also trading on Plusmarkets
http://www.plusmarketsgroup.com/data.shtml?ISIN=GB00B3DDP128/GBX/PLUS-exn

Header on the old thread was 2 years out of date so started a new one.....even if I only talk to myself!

talking to your self is the first sign of madness

good idea though

i would expect the next leg to 60p isnt far away

Target depth should be reached at Pontiac anytime from Wednesday onwards.

2 trading days before a possible RNS regards drilling update.

..

Tomorrow must be regarded as the last trading day for either selling or buying before a drilling update on Pontiac......RNS anytime from Wednesday onwards..

TD achieved at Pontiac tomorrow maybe.

TD achieved and dry....bugger!!.....ELV next up to the plate..

SP settled and slowly rising again ahead of seismic results.

Nice 10% gain today

Up another 13% today so far....re rating continues.

Another mark up due.

While Petroceltic is on the hunt for hydrocarbons in Algeria, Meridian Petroleum is on the acquisition trail. The AIM company, which focuses on North America and Australia, listed in 2004, brought its first significant production on-stream in 2007 and reported a maiden profit the following year. That producing field, the Orion sour gas field in Michigan, has served Meridian well, with a US$4 million investment in a sulfa-treat plant enabling the company to drain an otherwise abandoned deposit. At its peak last summer, Orion was producing 6 million cubic feet per day but it is now in decline, flowing around 2 million cf/d, and should cease production in the fourth quarter of this year.

Efforts to find an Orion look-alike came to naught when the Pontiac well came in dry, leaving rather a space in the portfolio. The company has already taken steps to plug this gap, spending US$10 million last year on the East Lake Verret field in Louisiana. It was critical to our business to get another asset online because we were dependent on just one well and that made us vulnerable if it came offline, explained Gutteridge.

East Lake Verret is home to six producing wells that provide net production of 1 million cf/d of gas and around 50 bpd of oil. The 2P reserve number is 1 million barrels of oil equivalent, of which only 30 per cent is currently in production, providing substantial low risk upside. Meridian plans to get after this upside, with a two to three well programme on the books this year to bring onstream another 500,000 boe, which should lead to a 50 per cent increase in production by the end of the year. This would take output to 1.5 million cf/d and 75 bpd but could be higher if partner negotiations see Meridian take on a bigger slug of the drilling costs and thus eventual production.

The company is also looking for other acquisitions and has a US$35 million war chest courtesy of a US$50 million debt facility. We prefer onshore, and we want to buy proven production with low risk upside, said Gutteridge, who has pushed for six deals this year, none of which have come off. I must be acquiring a reputation as a perennial under-bidder, he said None of those assets have been sold, however, which shows there is a bit of gap to close between buyer and seller aspirations.

Meridian also has a collection of exploration assets in South Australia. These include the Delores gas prospect in PEL 132 in the Arrowie Basin and three 50 million barrel prospects in PEL82 in the Otway Basin. The company isnt allowed to use its debt facility for exploration purposes, which means that drilling on these licences will involve farm-outs or a partial sale of Australian operating company.

The prospective resources in Australia are large enough to attract attention, said Gutteridge, pointing to a possible 226 million barrels of oil equivalent resource.


http://www.oilbarrel.com/news/display_news/article/conference-report-2-petroceltic-international-targets-multi-tcf-resource-in-algeria-meridian-petro/771.html

Not going to take many more buys before a tick up.

Small tick up this morning...not long till 3D results on PEL82

RNS Number : 8473S
Meridian Petroleum PLC
27 May 2009

MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Change of Adviser

Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, is pleased to announce the appointment, with immediate effect, of Evolution Securities Limited as Nominated Adviser and Broker.

Chav, this is now a new beginning. Watch carefully imho. Things will now get interesting.

Evolution can be/has been slow however I do believe we are arriving at the finished article with this animal.

More sells than buys this Morning and the sp is up 9%...large buy order being filled?....3D results leaking?..

sp up a bit this morning again despite large sells yesterday.

chav, seems it was wins trying to squeeze. Hasn`t fallen back much though. Would expect an update before the AGM ON 18TH

Current Gross Monthly Income (approx)

ELV............................$334,400
Orion..........................$195,800

Total..........................$530,200

AGM Thursday should have some fresh news regarding PEL 82,ELV spud date, etc....maybe RNS tomorrow to provide some talking points at the AGM on Thursday.

RNS Number : 0860U
Meridian Petroleum PLC
18 June 2009

Thursday, 18 June 2009

MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Operations Update

Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an update on the Company's current activities.

Development Update

East Lake Verret ('ELV'), Louisiana, USA

As previously announced, the latest Competent Person Report on ELV by DOR Engineering (as at 1 January 2009) showed Total Proved Reserves of 2.629 bcf of natural gas and 360,000 bbls of oil. Over 60% of these proved reserves are currently undeveloped and, over the remainder of this year, the Company plans to implement a drilling programme to bring a substantial proportion of these reserves on-stream. Two wells have already been identified (McKerall B-9 and McKerall 1 sidetrack) and further locations are being evaluated

McKerall B-9 Well

The primary target for the McKerall B-9 well is proven undeveloped ('PUD'), gross natural gas reserves of 3-5 bcf in two potential producing zones at depths of around 11,000 feet. Our evaluation has also highlighted substantial possible oil reserves both at this depth and at around 10,400 feet.

In order to drill the well, a new drilling and production unit needed to be formed, and this was submitted at a State of Louisiana public hearing on 28 May 2009, with approval expected shortly. Meridian will be the operator for the well, with an initial 23% working interest, and will shortly be requesting partner approval of drilling expenditure of just under US$3 million. Partners have 30 days to confirm their approval and if any partners decide not to consent the Company will increase its working interest, potentially to over 50%.

The McKerall B-9 well is considered to be the most attractive PUD location at ELV, with initial gross production potential assessed at over 3 mmcfd. The Company is already planning for completion of the well and production through the existing ELV processing facility. Completion costs are currently estimated at around US$2.8 million. At the increased working interest level, Meridian's total expenditure is estimated at some US$3 million and the Company is currently in discussion with Macquarie Bank on the optimum approach for funding the well.

McKerall 1 Sidetrack

The McKerall 1 well is currently producing around 20 barrels of oil per day ('bopd') and 125,000 cfd of natural gas. Meridian has a 45% working interest in the well. Gross reserves currently in production are less than 15,000 bbls of oil and minimal quantities of gas, but the sidetrack of the well is intended to access significant, up-dip PUD oil reserves which should be producible at a higher rate with less water.

In order to drill the sidetrack, the existing well will be permanently abandoned and this decision will require 100% approval from existing partners, which cannot be guaranteed. The Company is currently in discussion with partners to obtain this approval, or alternatively to acquire their interests, and if we can achieve full agreement in a timely manner, there is the potential to drill the well immediately following on from McKerall B-9, which would result in considerable savings on rig mobilisation costs.

Australia

The Company has received initial feedback on the processing of the 3D seismic data on PEL 82. Data processing remains on schedule for completion by the end of June and very detailed processing is currently being undertaken to filter out any 'noise' around the data and ensure a high quality end product. Initial interpretation will begin shortly and will continue through July. Processing so far has revealed a significant improvement in the amount of workable data at target depths compared to the old 2D data, which will enable better mapping of the potential reservoir structures and clearer identification of other features such as fault trends.

Although it is too early to judge the outcome of the 3D interpretation, a number of potential drilling partners have now been contacted, opening up the opportunity for more detailed discussions once the fully interpreted 3D data is available in the third quarter.

Production Update

ELV, Louisiana, USA

The strong March production at ELV, highlighted in the previous update, has continued through April and May with net gas production of 33.4 mmcf and 33.8 mmcf respectively. Net oil production was 1,327 bbls in April and 1,325 bbls in May.

Average daily rates of production were 230 and 224 barrels of oil equivalent per day ('boepd') in April and May respectively. In terms of net production, ELV has been the Company's largest producing asset since March 2009 but, with much lower costs than the sour gas Orion field, it has been the Company's major cash generator since before the end of 2008.


The average gas price received for ELV production over the April/May period was US$3.70/mcf.

The Company's hedging contracts delivered profits of US$268,000 in April and US$175,000 in May.

Orion 36 Well, Michigan, USA


Average gross daily gas production was 1.72 mmcfd in May and has averaged 1.55 mmcfd so far in June.

Net production to Meridian in May (based on a Net Revenue Interest of 54.589%) was 29.1 mmcf of gas and 977 bbls of liquids. This equates to a production rate of 188 boepd.

Current flowing well-head pressure is in the range of 140-145 psi. Since production start-up in August 2007, Orion has produced 2.17 bcf of gas up to the end of May 2009, 90% of projected recoverable reserves, and both production levels and well-head pressures have performed almost exactly in line with the independent projections of RPS Energy. The Company expects to be able to physically produce the well down to pressures of 20 -25 psi, although continued low gas prices combined with the relatively high operating costs may make it uneconomic to do so. On that basis the Company expects Orion to be shut-in sometime during Q4 of this year and provision for any associated costs was made in the 2008 Accounts. The Company is currently evaluating options to maximise the cash generation potential of Orion over the rest of 2009.

The average price for Orion gas sold in May was US$4.04/mcf.

Stephen Gutteridge, Chairman of Meridian, said:

'The further development of the proven reserves at ELV is an attractive project with substantial targets and low drilling risks. It has taken time to complete the various unitisation and partner consent processes, but, subject to finalising funding, we expect to commence drilling the McKerall B-9 well no later than August. Depending on our working interest level, this well alone is projected to increase our ELV net production by 60% to 150%, and together with the potential for higher US gas prices this winter, this would substantially enhance our existing, positive cash-flows.'

crystal ball says its time for me to add before the news comes

RNS Number : 6387U
Meridian Petroleum PLC
29 June 2009

Monday 29 June 2009

MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Sale of Orion Interest

Meridian Petroleum (AIM: MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces the sale of its working interest in the Orion 36 well, Michigan, USA.

Meridian has concluded an assignment contract with Wellmaster Production Company ('Wellmaster') whereby Wellmaster will acquire Meridian's 72.75% working interest in the Orion 36 well, together with the associated leases and production facilities, for US$207,000. The contract is effective from June 10 2009. The sale will have no impact on the Company's hedging contracts.

The Orion 36 well has been in production since August 2007 and has produced over 2 bcf of natural gas together with associated natural gas liquids. Meridian invested approximately US$4 million in the well and the production facilities, and successfully recovered that investment by mid 2008, at which point Meridian's net revenue interest reverted to 54.589%.

According to independent estimates by RPS Energy, remaining gross natural gas reserves are less than 300 mmcf and production will cease some time in Q4 of 2009. There will be abandonment and clean-up costs, expected to be in the range of US$75,000 - 100,000 and most of the on-site equipment is leased from Wellmaster, leaving little of residual value to the Company. The reduction in the Company's proved and probable hydrocarbon reserves as a result of the sale will be less than 3% (30,000 barrels of oil equivalent)

As a sour gas well, Orion 36 has always been high cost operationally, and based on current US gas prices, the Company is currently forecasting that future net cash flow from Orion production would only be sufficient to cover abandonment and clean-up costs. The sale will therefore deliver total cash-flow benefits in excess of US$250,000 which will be used to further reduce debt.

Wellmaster is the contract operator for the well and already owns a 25% working interest. It provides much of the equipment and labour resources, and is in the best position to manage the final months of production.

Stephen Gutteridge, Chairman of Meridian, said:

'Orion has been a very successful well for the Company and enabled us to acquire the much larger, lower cost and longer-lived reserves at East Lake Verret ('ELV') last year. We have also re-invested cash generated by Orion in drilling and seismic projects. As recently announced, we now have much larger prospects under development in ELV, which the Board believes will significantly increase our current production levels.'

June 30, 2009

End Of An Era For Meridian Petroleum As It Sells The Depleting Orion 36 Sour Gas Project





With its Orion 36 gas field in the US nearing the end of its productive life, Meridian Petroleum has decided to sell off its interest rather than the keep the high cost asset on its books. Wellmaster Production Company, contract operator for the well, has agreed to buy Meridian's 72.75 per cent working interest in the Orion 36 well and associated leases and production facilities for US$207,000.
The divestment makes sense given the easing in natural gas prices: on current projections, future net cash flow from Orion would only be sufficient to cover abandonment and clean-up costs of around US$75,000 to US$100,000. By selling the field now, Meridian should derive total cash-flow benefits of more than US$250,000, which will be used to further reduce debt.

The AIM firm brought the sour gas field onstream in August 2007, since when it has produced over 2 billion cubic feet of gas and natural gas liquids. It invested US$4 million in the single well project, an investment that was successfully recovered by mid-2008. But with remaining reserves of less than 300 million cubic feet, the field is expected to cease production some time in the fourth quarter.

It is the end of an era for Meridian, with production from Orion it flowed as much as 6 million cubic feet per day helping the company to post a maiden profit in 2008. Efforts to find an Orion look-alike came to naught when the Pontiac well came in dry, leaving a looming gap in the portfolio as Orion went into decline as expected. The company has already taken steps to plug this gap, spending US$10 million last year on the East Lake Verret field in Louisiana.

"Orion has been a very successful well for the Company and enabled us to acquire the much larger, lower cost and longer-lived reserves at East Lake Verret (ELV) last year, said chairman Stephen Gutteridge. We have also re-invested cash generated by Orion in drilling and seismic projects. As recently announced, we now have much larger prospects under development in ELV, which the Board believes will significantly increase our current production levels."

East Lake Verret is home to six producing wells that provide net production of 1 million cf/d of gas and around 50 bpd of oil. The 2P reserve number is 1 million barrels of oil equivalent, of which only 30 per cent is currently in production, providing substantial low risk upside.

Meridian plans to get after this upside, with a two to three well programme on the books this year to bring onstream another 500,000 boe, which should lead to a 50 per cent increase in production by the end of the year. This would take output to 1.5 million cf/d and 75 bpd but could be higher if partner negotiations see Meridian take on a bigger slug of the drilling costs and thus eventual production. The first well, McKerall B-9, is expected to spud no later than August.

Depending on our working interest level, this well alone is projected to increase our ELV net production by 60 to 150 per cent, and together with the potential for higher US gas prices this winter, this would substantially enhance our existing, positive cash-flows, said Gutteridge.

http://www.oilbarrel.com/news/display_news/article/end-of-an-era-for-meridian-petroleum-as-it-sells-the-depleting-orion-36-sour-gas-project/771.html

http://www.oilbarrel.com/fileadmin/content/pdfs/oilbarrel/presentations/merid%20pres.pdf

Bit of buying interest today...3D seismic results about due.

Nealy there now boys and girls. :)

Certainly should be news of ELV drilling and 3D results very soon.

nice rise - 27%

It's a start. Lot more to go yet.

Only a matter of hours too wait now !!!!!

;)

....

Nice buying interest this morning and the SP continuing to rise.

Uptrend staying firmly in place.

Some big news to come this week!!!!!!!!!!
;-)

RNS Number : 5139X
Meridian Petroleum PLC
17 August 2009



17 August 2009




MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')




Update on PEL 82 Licence, South Australia




Increased Prospectivity for Hydrocarbon Discoveries




Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces initial results and key conclusions from its 3D seismic survey on the PEL 82 licence in the onshore Otway Basin, South Australia, and the next steps in the further development of the licence.




Key Points




Results from the 3D seismic survey on PEL 82 have appreciably increased the prospectivity for hydrocarbon discoveries on the licence
The close-spaced 3D seismic provides a detailed and more clearly defined image of structures within the survey area
Nine prospective hydrocarbon bearing traps have now been identified, four within the Waarre sandstone and five in the Flaxman sandstone
Many of the mapped structures contain vertically stacked areas with anomalous seismic amplitudes through a number of different formations. This feature bears similarities to the stacked pay zones encountered in large producing fields of the offshore Victoria Otway Basin
There is a good fit between the amplitude anomalies and the prospective structures of the area
Possible drilling locations are being further evaluated, with a particular emphasis on those capable of testing both Waarre and Flaxman traps in the one drill hole
The 3D results, combined with the re-processed 2D data and additional information available from other licences and wells, have provided the Company with a comprehensive range of material for marketing the PEL 82 prospects to potential partners and this process is now underway.



Background




Data Processing and Quality

The 3D seismic survey covering 88 square km of the PEL 82 licence was completed at the end of March 2009. Complex data processing was necessary to overcome interference from shallow cavernous limestone strata which severely impaired the clarity of the older 2D data. Extra time and effort was expended to attenuate the impact of this. The resultant quality of the data showed substantial improvement over the 2D data at the deeper target horizons of the Waarre/Flaxman sands. At shallower depths, the 2D data remains better, and the combination of the new 3D with the re-processed 2D has provided the company with a much enhanced and more detailed view of the structure and prospects for the licence.




Data Interpretation

The Company engaged the services of two companies to provide data analysis and interpretation, using individuals with substantial experience of Australia generally and the Otway Basin in particular. Interpretation began in early July and initial reports have now been received from both parties. The two completely independent interpretations have identified the same prospective structures, giving Meridian confidence that the structural analysis is correct. Further interpretation and refinement will continue.




Current Assessment




The initial reports have highlighted a number of features which the Company will need to consider during the next stages in the development of the licence




The fault lines which were visible to shallow depths on the re-processed 2D are now much more clearly mapped at depth, providing enhanced definition of the prospective hydrocarbon traps

As a result of the clearer mapping of the faults, the three structures identified by the 2D seismic are now seen to be more complex, and there are now nine identifiable traps within the survey area. Five of these are Flaxman sandstone and four are in the deeper Waarre sandstone. The four Waarre prospects all directly underlie Flaxman prospects, which significantly improves the chances of economic discoveries

Sophisticated analysis indicates that the faulting has not compromised top seal closure on most structures, with few incidences of cross fault spill points.

Detailed mapping of the 3D seismic has revealed a positive relationship between seismic amplitude anomalies and prospective structures, particularly for the Waarre sandstone.

Overall, the analysis to date tends to suggest that there are enhanced prospects for hydrocarbon discoveries on PEL 82 with a greater number of reservoir opportunities giving more options for drilling. Identification of the best drilling locations is therefore a critical aspect of the next phase.




Next Steps




Continued analysis and interpretation to assess risked volumetrics and identify primary drilling locations

Extend analysis of the 3D across the entire licence area by incorporating the 2D interpretation.

Renewal of the licence for a further 5 year period from early September with compulsory relinquishment of 50% of the total PEL 82 area.

Discussions with potential partners in a drilling programme. Representatives of the Company will be in Australia at the end of August/early September for a number of arranged meetings with prospective partners.




Stephen Gutteridge, Chairman of Meridian, said:




'We are very pleased with the results of the 3D seismic and the extra insight that this has given us into the PEL 82 licence. The prospects for hydrocarbon discoveries have been appreciably enhanced by this work and there is clearly the possibility of sizeable and multiple discoveries. Whilst further analysis of the data needs to continue, there is now a focus on developing the drilling plan, in conjunction with potential partners and the South Australian authorities.'

yes its progressing well a mcap of 15 mill would look cheap

to still be at 9mill is a gift horse

"gift horse"...understatement...hugely undervalued still and large up side to be expected before long...market will not be able to ignore for much longer as ELV drill results come in around Friday and JV partners for Oz assets becomes known.

http://www.moneyam.com/InvestorsRoom/posts.php?tid=14368#lastread

Drilling at ELV should reach total depth over the next 2 days....Some traders taking profits this morning pre drilling results which could come any time over the next few days.

ELV drilling RNS in the Morning maybe.

Soon - without a doubt.

No news today then....maybe Monday!

big week ahead :)

Today is the news and it is tumbling like dominos. SELL FAST!!!

Suspension on the well is not the best of news....better than a duffer though and once the legalities are sorted for the sidetrack we can hopeful complete as a producer.

'The suspension of the well is a setback in our plans to add further immediate production, but there remains a viable well at this location once we have addressed the broader unitisation issues."

Well over sold on the disappointing news at ELV.

Love your determination Chav. Hope you're right I've a long way to go to break even.

Doubt you are the only one Maggie but keep the faith and I'm sure you will be rewarded!

Hold onto your hats!!!!!!

Expecting wind?

RNS Number : 1894Z
Meridian Petroleum PLC
17 September 2009


MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Development and Operations Update

Prospective Resources in Australia increased by 300 million barrels


Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an increase in prospective resources in Australia and an update on operations in the USA.

Development - PEL 82 Licence, South Australia

Primary Industries and Resources, South Australia ('PIRSA') has formally offered to renew the PEL 82 licence to Meridian for a further 5 year period. The work programme agreed with PIRSA provides for further geological and seismic interpretation and evaluation, and the drilling of 2 wells. Meridian's proposed area for the compulsory 50% relinquishment was also accepted by PIRSA. The PEL 82 licence area will now be 137 square kilometres and retains all of the identified major structures.

In addition to the 10 Waarre/Flaxman traps identified by the 3D seismic interpretation, initial evaluation of a structural high trend located north of the 3D area has been completed. Although existing seismic coverage of this northern part of PEL 82 is very sparse, two potential structural closures have now been mapped. Volumetric calculations based on the limited seismic data indicate that these structures have the potential to be significantly larger than those within the 3D area. Preliminary calculations indicate a potential hydrocarbon resource* of 300 million bbls of oil or 450 bcf of gas, or some combination of both. This brings the total resource estimate for the renewed PEL 82 licence area to 430 million bbls of oil or 630 bcf of gas.

Operations - East Lake Verret Field, Louisiana, USA

The current period of low US natural gas prices provides an opportunity to carry out a programme of planned work at East Lake Verret aimed at sustaining production volumes at the current level into 2010. This work will require wells to be shut-in for a period, but with existing hedging contracts providing significant monthly cash gains, the short-term reduction in revenue at current gas prices is not that material. At the same time, barge and other costs and equipment availability are very favourable at present.

The work programme is underway as follows:-

A work-over has commenced on the Kafoury 2 well which has been producing water alongside gas and oil for a few weeks. The well will be cleaned up, existing perforations will be plugged and isolated, and new perforations completed higher in the D-1 sands. This well is expected to be brought back on-stream in October.


The barge will then move to work-over the McKerrall 1 well, closing off the lower perforations and opening up the choke on the well. This well is also expected back on-stream in October, potentially at higher flow rates.


The McKerall 2 well, which is nearing the end of its productive life, has been producing intermittently over the past two months and loading up with water. The well is currently shut-in whilst operations to release the water and restore some production, possibly by the use of compression, are undertaken.

The remaining three wells continue to produce as normal.

Production - East Lake Verret Field, Louisiana, USA

Net natural gas production from ELV was 26.3 mmcf in July and 19.4 mmcf in August, which was affected by the shut-ins at the end of the month. Net oil production was 1,240 bbls and 1,124 bbls in July and August respectively. The combined average daily rate of production was 187 barrels of oil equivalent per day ('boepd') in July and 140 boepd in August.


September production will be affected by the shut-ins and work-over programme.

The average prices received for ELV production in July were US$4.21/mcf and US$60.38/bbl for gas and oil respectively. In August these prices were respectively US$3.56/mcf and US$67.02/bbl.


Hedging

The current pattern of US natural gas prices, with high storage levels contributing to very weak prompt prices, benefits the Company's hedging contracts as these are settled on the monthly closing price, which for the August contract was below US$3/mcf.

As a result the Company's hedging contracts are currently performing exceptionally well, delivering cash gains of US$349,000 in July/August.

Stephen Gutteridge, Chairman of Meridian, said:

'Our investment in the PEL 82 licence in Australia represented a significant commitment for a company of our size, but the major transformational potential now identified has confirmed the value of that investment. Our discussions with potential partners for the drilling of PEL 82 have been encouraging and our position is further strengthened by the confirmation of licence renewal and the bonus of further significant prospectivity.

Operationally, when we acquired ELV in June last year, we anticipated that work on the existing six producing wells would be required at some point, but we have been pleasantly surprised that production has been sustained beyond our expectations. With low gas prices and falling costs, now is an ideal time to perform this work, particularly as monthly hedging gains are currently well in excess of our cost base. Based on production levels over the past year there remains over two years of proven reserves in producing wells, plus the upside potential in the field.'

Some good wind in that RNS!!!

Potential resource at PEL82 has been doubled with the 3D from 150 million bbls Oil to 300 million bbls.

Chav, increased by not to 300 million bbls. It's 430 million bbls total. Try an 'in ground' value of say $1 a bbl on that lot and see what share price you might get.

"This brings the total resource estimate for the renewed PEL 82 licence area to 430 million bbls of oil or 630 bcf of gas."


LR2....New glasses!!

Original 150 million bbls confirmed by the 3D and an extra target aquired with potential for another 300ish million bbls.

$1 a bbl on a quarter of that would be very nice for a Company with a Mcap this tiny.

Oh good cos I've a long way to go!

We ARE getting there Maggie, even if it has been a long rocky road!

At a valuation of $1 a barrel prospective resources this would equate to over 16 a share. Would that get you to the end of the rocky road Maggie?

That would put me in the champagne tent beside the swimming pool - with a smile on my face!:-))))))))))))

MRP got close to 2.40 a share on nothing but Mason Bullshit which is probably where you came in Maggie. Present day MRP is a much more solid Company now than then.

Came in at 1.80 ish but took bit of profit leaving the rest for my world cruise. Agree with what you say re company and reckon I will get my money back at least and at best - Bon voyage!!!!

Maybe you can drop off at Oz on the World cruise and have a look at the Oil gusher at PEL82!

Will make it the highlight of my trip!

Interims out on Thursday which should indicate the present health of MRP's economic model.

Should be still healthy with the hedged income from ELV.

Interims as expected and showing that MRP are still trading at a profit.

http://moneyam.uk-wire.com/cgi-bin/articles/200909240700095757Z.html

LONDON (Dow Jones)--Oil and gas company Meridian Petroleum PLC (MRP.LN) Thursday said it swung to a first-half pretax loss on lower production and lower gas prices, and said it is seeking a partner to help develop a potentially major discovery in Australia.

Chairman Stephen Gutteridge told Dow Jones Newswires Meridian is in talks with 15 to 20 potential partners about PEL 82, a South Australia license with prospective resources of 430 million barrels of oil or 630 billion cubic feet of gas - significantly more than it initially expected.

The company now plans to drill two wells at a cost of between $7 million and $8 million to establish the level of reserves, Gutteridge said, and will need a partner to help meet those costs.

Meridian expects to pick a company to work with within a couple of months, Gutteridge said.

The company is also on the hunt for assets. It has a $35 million of credit it can call on to purchase licenses, interests in producing assets or companies, Gutteridge said.

Meridian Petroleum Thursday said it swung to a pretax loss of $1.84 million for the six months to June 30, compared with a profit of $1.32 million a year earlier.

Revenue declined 65% to $3.1 million due to lower gas prices, especially in North America, where it operates fields in Louisiana and Michigan. Lower production also hurt: average daily production fell to 430 barrels of oil from 660 a year earlier. The decline was caused by lower production from the Orion field in Michigan, which is coming to the end of its producing life. Meridian sold its interest in Orion in June.

Gutteridge said despite lower production and gas prices, the company still generated cash and made gains on hedging contracts still in place.

Interesting sp reaction to the Interims today.

Chav, MM's have got no shares left. They may even be short on their books by now. They moved price down this morning to get some sellers but buyers came in instead. Barely able to get more than 1,000 shares on line after 09:15 without having to go through the 'negotiated trade' route.

Bodes well LR2. Hopefully no one will help them out by selling cheap shares that should be worth multiplies of current value.

Looks like the market is catching on to the value of 430 million bbls:-)

And the fact that some of the MM's have no shares on their books.

Lets hope that no one helps the MM's out by selling them some cheap shares,

Still a shortage of shares for the MM's to sell on..pressure building nicely.

Absolutely. And all that buying lately. Just how far underwater are they willing to go before they come up for air.

Dams bursting with every buy.

Yep, it says it all when, day after day, you can only get 1k on line but can sell 50 times or more that amount.

Where's Maggie? Are you out there Maggie putting the champagne on ice?

Never mind the ice!! Hic! They won't be getting any of my shares, looks like I'll break even before I get the zimmer frame. Keep up the good work guys!

Good for you Maggie. I'm after a gold plated zimmer myself. At least 2 MM's short of stock and getting shorter by the day. How on earth are they going to square that circle?

In the immortal words of Damon Albarn -

It's not my problem
It's not my problem
Woo hoo.

maggie topped today .Where is the info for MM if they are short of stock to be found for any share .

It's not made public. You have to follow trades and MM positions very carefully to get a reasonable idea. There are 2 MM's that are attempting to pick up any stock sold by us PI's so that they can balance their books. Of course if you could find a broker with enough contacts at the MM's that would help too.

Its been a long time coming, but it'll be worth the wait. ;-)

Still moving up.....can only see the speed of the SP increases getting faster as we get closer to JV/drilling news....talking with 15-20 interested parties suggests a good deal in MRP's favour.

Bit of a shake on this morning.

Is that a regular habit of yours in the morning or something special for the weekend?

Nothing wrong with a hard shake in the morning LR2, especially if you're short!

And boy are some people short Chav. Shake away MM's. Chav & I hold hard and long.

STILL ONLY 7P IN OLD MONEY..PATHETIC REALLY

8p actually maestro but you are right that 8p is pathetic given that it got up to 40p pre-production/ELV deal and having 3D indicating 430 million bbls in the ground in Oz.

Shares still seem to be thin on the ground for MM's to sell on:-)

If the buying continues today then could see a significant rise in the sp.

Buying continues...starting to move up.

Quiet time waiting news on Oz JV.

Still quietly waiting!

Still quietly waiting!

Just hang on in there Maggie.

Little rise to start the day off...EK buying yesterday must have encouraged a few more buyers.

Wednesday 14 October 2009




MERIDIAN PETROLEUM plc

("Meridian" or "the Company")

Operations Update

Work programme at East Lake Verret successfully completed

Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an update on operations in the USA.
East Lake Verret Field ("ELV"), Louisiana, USA

The planned work programme at ELV involving well work-overs and changes to the production streams has been successfully concluded, and all wells are now back on-stream ahead of schedule.

The work-over of the Kafoury 2 well has been particularly successful. This is the largest producing well in the field and, following the clean-up and re-perforation work, it has been steadily eased up to a gross production level of 3.5 mmcfd of natural gas and just under 70 bbls/day of oil. The well is no longer producing water and production levels will be gently increased over the next few weeks.

Both the McKerall 1 and 2 wells are now producing at expected levels using the compressor facilities available centrally at the field.

Gross oil production from all six wells is now back to levels last seen in April/May, whilst production of natural gas has been restored to July levels even with the Kafoury 2 well on controlled flow-rates.

Production

Production from ELV in September was affected by the work programme and associated shut-ins. Net natural gas production was 10.7 mmcf and net oil production was 1,023 bbls. Over the first eleven days of October net production was 8.9 mmcf of natural gas and 469 bbls of oil. The combined average daily rate of production was 93 barrels of oil equivalent per day ("boepd") in September and 178 boepd in October to date.


The average oil price received for ELV production in September was US$65.19/bbl and the estimated price received for natural gas was just under US$3.00/mcf.

Hedging

The Company's hedging contracts delivered cash gains of US$118,500 in September.

Pushing on upwards :-)

Break past 60p and the SP should be away and running....shares still in short supply for the MM's.

maggie maggie may
be happier today
MRP are looking
to return a good pay.

Chav Chav hurrah
I'm happier today
Have ordered the champagne
Hope it won't be in vain!
Or at least lost it's fizz before I get to celebrate
Keep the posts going!

Think you need some more practice Maggie.....lol

Now BB would that be at drinking or writing verse? Drinking I've probably had too much practice but writing verse, too busy trying -with little success- to read this market to practice which, in turn, takes me back to the drink :-)))))))

lol, got sent this text yesterday... clean enough and funny enough to put on here....cynic came to mind when reading it.....
Just when you knew all the abbreviations possible, then there's these:
(_!_) regular arse

(__!__) fat arse

(!) tight arse

(_*_) sore arse

(_0_) well used arse

(_e=mc2_) smart arse

and my favourite for those you want to really tell it too:
(_x_) kiss my arse

I'll let you draw your own conclusions..:))

i'll happily settle for the penultimate!

Yes very fitting i think...lol sent via mam an e-mail last night, i remember i sent you one before and it didn't arrive maybe ian needs to have a look??

Excellent BB I'll take the ultimate!

You say where and when!!! come on......

BB ..... yup, i've got this one ..... will check out if i have a mo before i fly out to Barca this afternoon to support Number 2 Son in his attempt at a full triathlon on sunday ..... he's doing it for fordementia.org.uk which is a particularly worthwhile charity ..... he's managed to raise about 3250 so far with a couple of promises still to materialise.

Really BB! and on a b. board to! (_x_)

I see you have invited some friends in and lowered the whole tone of my thread maggie.....(!)'s not allowed here :-)

Sorry Chav I didn't invite them they just arrived Am off forweek in sun so see if you can double the sp- well at least keep it above 60 - before I get back.

Enjoy your week Maggie and rest assured the SP will have at least doubled by the time you get back....no pressure huh!

All quiet here as we await the next news.

SP just like my week in the sun - disappointing - 4 1/2 days sun rest thunder downpours! Nevermind I can always send the champagne back to tesco's! Do notice that all oillies I hold are down except AMER

Not been a good week Maggie but it will come good...honest!

Can someone explain in Simple terms what has just happened.
Yesterday i was looking at a stock that weathered the storm quite well.
Now im looking at a stcock 15p down with a New company name.
Do we benefit or are we being screwed.

Help please

sheppo
off she goes!!

Looks like my retirement pot !!
Happy days with Levine on board
:-))

Article is this w/e FT on this topic.
Will post asap.

Darned good of you sir :-)

W/E FT: (Sorry to get you all excited as looks to be summary of friday RNS)
"Meridian Petroleum, an oil & gas explorer with production assets in Louisiana, was in focus on news of a placing that brought in Imperial Energy founder Peter Levine.
The company's share price gained 39% to close at 64p after it announced the 7m placing, which was priced at a significant discount at 25p.
"The equity funding, alongside the existing debt facility with Macquarie Bank, will be used to transform the company into an acquisition vehicle for exploration and production assets" said broker Oriel.
Meridian will change it's name to President Petroleum & Mr Levine is to emerge with a 29.9% stake."

PRICE FORECAST FOR NEXT FRIDAY.. 156P


STILL UNDER LISTING PRICE OF 200P ISH

can't be bad buying at 25p and making an instant paper profit of 39p .... now i wonder who lost out in that little gifting

I wouldn't like to hazzard a guess.
2517

Wii existing shareholders be offered the discounted shares

From FT today:
""This is effectively the launch of a new oil and gas company with the ambition and resources to become a significant independent player. We intend to develop President Petroleum Company from small-cap US producer with one major area of prospectivity in Australia, into a global, mid-cap business with substantial reserves and resources. Our aim is value creation that mirrors that achieved by companies in the sector whose reserves and resources have attracted the attention of larger businesses.

Today's announcement confirms the strength of our position:- a strategic investor with significant industry connections; support from institutional investors; finance facilities and banking support; and highly experienced new Board members with oil company backgrounds.

We will shift our geographic focus to areas with much greater potential for major hydrocarbon discoveries and we expect to complement our prospects in Australia with other similar sized opportunities in such diverse areas as Asia, Africa and Europe. Our strengthened Board and Management capabilities will enable us to move quickly on any opportunities, and our new cash position will ensure we are able to add further resources wherever needed, whilst eliminating our net debt position."

Where are you Chav? Held above 60 on a very cr***y day!

60p will seem cheap within a few months

And 25p - offer price- very cheap.

...

SP holding up very nicely for some reason Maggie despite the 25p cheap shares coming alone soon. Looking more likely that MRP will fly once all this is out of the way and the quick bucks have departed. Champers still on ice but I can almost taste it now.

Welcome back Chav Thought you'd sold up! Quite surprised at the strenght of sp but delighted!

Have to admit I came close to selling on the morning of the RNS but have held on 2 see where these go and if the sp continues to hold after the new shares hit the market then it looks like we will make a few Bucks.

The new boys look like they will be tremendous value on the boD's taking into consideration their past performance with tiddler Oil juniors.

Ms Singers large dump of 350K shares has been nicely absorbed by the market and the sp moving ahead again :-) Surprised there hasn't been a holding RNS in regards the buyer of Ms Singers shares...perhaps when the person has finished buying.

It would be nice to have an update on PEL82 JV talks and ELV but I guess we will have to wait until the company changing process is completed.

I've applied for 100% excess so next week will be very interesting, should every thing get passed at the EGM on Monday, regards the reaction of the sp.
Hopefully people will hold for developments with the new company but I guess there will be a few fast Bucks to be had by some on the 1st Dec.

Have also applied for more hope I've got it right! and if I have you'll all be laughing.

"The Board of Meridian announces that both Special Resolutions proposed at the Extraordinary General Meeting held today at 11.00 a.m. were passed without amendment. thereby enabling the proposed Placing and Open Offer of, in aggregate, 27,614,498 New Ordinary Shares, the Capital Reorganisation, and certain other related matters to proceed.

Consequently, the name of the Company shall change to President Petroleum Company PLC with effect from 30 November 2009, with a new London Stock Exchange ticker symbol of PPC, a new website address of www.presidentpc.com, and an issued share capital of 45,446,492 Ordinary Shares of 1 penny each.

The above figure (45,446,492) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company."

Disappointing only getting 6% excess however it's hopefully up,up and away from here....new thread required for PPC!

Go for it chav. A chart in the header with 25 & 200 DMA would be great. Thanks.

New thread started for PPC....Bye bye MRP.