Meridian Petroleum signs Orion field lease
LONDON (AFX) - Meridian Petroleum PLC, the oil and gas company with key
assets in the US and Australia, said it has signed a lease on the Orion field,
100 pct working interest, in Oakland County, Michigan.
The company said, based on data from earlier wells, the lease contains a
proven and probable shut in reserve of 3 BCF of gas in place with approximately
2.7 BCF recoverable. The gas content is pipeline quality after treatment and
also contains condensate.
It added it expects to begin drilling operations early in the second quarter
of this year.

Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, announced on 24 January that its Calvin 36-1 well on the Calvin
Field, Winn Parish Louisiana (80% WI), had encountered a substantial gas show in
the Sligo Petit Zone. The well was flowed on a limited open hole test with a
25/64 inch choke in excess of 1mmcfpd.



Based upon the analysis of previous production data from the Sligo Petit Zone,
the Company anticipates the following break down of the gas and condensate mix -
Carbon Dioxide 3.14% to 11.66%, Nitrogen 3.75% to 5.28%, Methane 76.97% to
83.11% and Propane 0.95% to 2.36%.



Due to the default and non consent of the original owner of the Calvin lease,
Meridian's Net Revenue Interest will increase to 67.75% from 60% until a
significant financial penalty is paid through the increased production revenue.



Meridian is moving ahead as quickly as possible to complete the well and
commence production into the nearby pipeline.





Anthony Mason, Chief Executive of Meridian said:



"We are very pleased with the likely rich condensate content of the Calvin well
which will enhance our revenue from the field. While unfortunate, the previous
lease owners default increases Meridian's revenue share enabling costs to be
recovered more quickly."

another big rise tomorrow ;-)

oh yes!!!

Anymore of your so called contacts

up up and away, this is on an upward trend now, nothing can stop it IMO
Dexter

news must be coming, its moving up fast

Nothing to do with falling even faster earlier today?

news out!- progressing well- they have a LOT of interests here. very optimistic!.

that is some portfolio they are buidling -pleased to be in mrp long term. staying out of this complete mm sp manipulation!.

I like this company Lizard, they seem to be really well organised, there's no hype behind their news releases , just plain facts. I was in at 17.5p but will try and keep them as long as I can.

i've increased on drop 24.25p- this valuation is very low imo!. looks like progress is finally taking shape at meridian!.

expect a broker note shortly, like tomorrow

looking to update on cbm/australia - now that could get interesting!.

with this impressive expanding portfolio- 23.5p is pitiful!

It would appear that the recent update was already built into the share price , after the recent gains.

i think it just although solid confirmed what we know. what will lift the sp is positive news on australian asset/ coal bed methane cbm project.

This is really crap....the share price that is...

i know frustrating -but i'm holding!

Those frost laws seem to be delaying things too , once those are lifted things can pick upa bit of momentum. I know they've had some rough weather there , was watching ABC last night - loads of devastating tornados in that area.

MRP down 5.7%, TAG down 4.5%, VOG down 3% another poor day at the office!!

The price over the last two days is just suffering from shock. I believe a PI dumped over 1% of the company (with 30% profit) soon after the activity RNS came out and thinks just got out of hand.

If you believe in the re-valuation story, then I think the PI has done us a favour. Over the next few week good chance to top up, and, the churn in stock will allow the sp to rise futher. ( Need to offload some profit takers )

Anthony Mason flew over to London and has just given his resource engineers a lot of new work. I guess MRP have done the re-evaluation of resources in house and has asked the his London resource engineer consultants to review the calculations.

So now we just have to wait - and top up.
For me, the new possible resurves and the move to P2 and P1 will happen. it a no-brainer.

Perhaps they are waiting for Calvin production rates after hook up to enter into the calculations?

Here is a list that a poster on adfn maintains, I am expecting higher values.
Emery Hudson 5.2 bcf of gas,
Emery Hudson 67,600 boe,
Calvin 24.2 bcf of gas,
Calvin 980,000 boe,
Middleton Creek 134,000 bo,
Milford 400,000 boe,
Victory 3 bcf of gas,
Orion 3 bcf of gas plus condensate,
Australia 125 bcf of gas,
CBM 400 bcf of gas.

PS. I'm new to oilies

Thierry

med/ long term hold -aw