News you've all been waiting for ...

Meridian Petroleum PLC
04 April 2006

MERIDIAN PETROLEUM PLC
('Meridian' or 'the Company')

VICTORY 1-21 SUCCESSFULLY COMPLETED


Meridian, the oil & gas exploration and production company with key assets in
the USA and Australia today announced that the Victory 1-21 production well (10%
WI) has been successfully deepened in order to further penetrate a Niagaran
reef.

Using a coiled tubing unit and conventional work over rig, Total Depth was
reached at 4,394 feet and gas communication was made between 4,161 feet and
4,192 feet, an increase of approximately 31 feet in net pay. The well was
treated with acid to stimulate flow and is currently being swabbed to remove
remaining acid from the well bore following which the well will be put back on
line this week. It is anticipated that enhanced production rates will be gained
from the additional pay sections in the reservoir.

Anthony Mason, Chief Executive of Meridian said:

'The successful deepening of Victory 1-21 is good news for Meridian. The well
will be back on line this week, following which Meridian will resume receiving
income from Victory 1-21. We are now looking forward to the imminent completion
on Calvin 36.'

Don Caldwell, a certified petroleum geologist, is the Company's Qualified Person
and has reviewed the information in this announcement.


Enquiries:


Meridian Petroleum (020 7409 5041)
Tony Mason, Chief Executive

Westhouse Securities (020 7601 6100)
Richard Morrison

Citigate Dewe Rogerson (020 7638 9571)
Media enquiries: Martin Jackson / George Cazenove
Analyst enquiries: Nina Soon


This information is provided by RNS
The company news service from the London Stock Exchange ND

I did.. sold when they were 38.. glad i did!!

strawb, something smells bad on this.. if the company was so undervalued per tm in his wallstreet interview, why would they only do the placing at 18p..

sorry.. but your mad!!!

Now the placing is out of the way, to fund their operations, we now await the Calvin well update stated to be released by the end of this year.
Looking good now for 2007 where MRP can actually make money.

Latest RNS: Drilling Results

Strawbs

Strawbs,

Surprisded they issued this before they kinew the flow rate, it makes this news speculative, and seems designed to meet the private investor demand for news, rather than to inform.

i think they should have waited until the flow rate was known, this doesn't tell us anything.

Andy,

Possibly a little. I guess they'll have an indication of potential from the drilling logs. The formation was flowing at between 2 and 4 mmcf in the 80's (See Orion Lease RNS) and was shut-in because of impurities, which at the time would've probably made it uncommercial. This drilling exercise was really more about "checking it's still there with similar flow rates", rather than finding something new. If the estimates turn out better than expected then that would be a bonus.

A little disappointed that Calvin is not producing yet, but I'm encouraged that MRP is generally starting to deliver, which bodes well for the year ahead. On reflection, I now think the delays to Calvin have been more about money than technical problems. I suspect purchasing extra lease blocks and other prospects might be deemed more important than getting Calvin online. They may even have decided to delay production to make acquiring extra land easier. Only speculation, but if you had a very good asset in an area you wanted other blocks, the leasing costs might well be pushed higher by the seller. I guess we'll never know.

I'll certainly continue to hold for now.

In my opinion, do your own research......etc.

Strawbs.

nice big buy at the end

Time to buy a few perhaps..

Meridian Petroleum PLC
22 February 2007
Meridian Petroleum plc
('Meridian' or 'the Company')

US Operational Update


Meridian Petroleum, the oil and gas exploration and production company with key
assets in the USA and Australia, announces significant progress in connection
with three of its US onshore properties.


Orion Well

The Orion 36 well ( MRP 75% net revenue interest) located in Oakland County,
Michigan was flow tested on Monday 19th February. The Shut in Tubing Pressure
(SITP) was approximately1,360 pounds per square inch (PSI), and the well flowed
in excess of three hours on a 2 7/8 inch choke at a flowing tubing pressure of
approximately 1,350 PSI. This would indicate a potential flow rate in excess of
3-4 million cubic feet per day (mmcfpd).

A bomb was dropped to gather Bottom Hole Pressure (BHP) data. It is anticipated
that, based on flow data and reservoir response thus far, the data collected
will be much the same as that for the original Fons and Jacobs wells.
Comprehensive BHP data is expected by the end of the week.

Based on all the data gathered to date, this well is considered by the Board of
Meridian to be likely to perform significantly in excess of Directors'
expectations. Work will commence shortly on the construction of the Hydrogen
Sulphide (H2S) removal system and the direct tie into the CMS Energy-operated
pipeline adjacent to the well site.


Calvin 36 # 1

The Calvin 36 # 1 well (MRP 68.75% NRI) was perforated in the Sligo Petit zone
on Friday 16th February. The well was duly swabbed on Monday 19th February to
remove any fluid or obstruction from the well bore. The resulting rise in SITP,
and the gas kick experienced upon perforation, are highly encouraging.

The Sligo Petit formation is a large low-pressure formation that generally
improves, in terms of flow rate, as the well continues to produce. Thus far, the well has performed in line with Directors' expectations for this formation. A further brief examination will be conducted to determine if this individual well will require any additional reservoir stimulation and, additionally, plans are moving ahead to hook the well into the existing gathering and processing system
located in the Calvin Field.


Milford

It is anticipated that work will commence within the next 30 days on the Milford 36 well (MRP 25% NRI) located in Livingston County, Michigan, and is likely to take the form of an explosive perforation designed to penetrate 15 to 20 feet on all sides of the existing well bore, within the optimal portion of the producing formation. The Company will be contracting directly with Advanced Propellants of Shreveport, Louisiana.

Additionally, the Company is also likely to acquire additional working interest
in this well within the next 30 days. The well has in excess of 100 feet of
potential pay zone with reasonable permeability and porosity. Given the
Dolomitic nature of the formation, this ballistic approach is considered by the
Board of Meridian to likely to give desirable results.

The Milford 36 well is adjacent to an existing pipeline and the hook-up is
unlikely to pose any major issues.

Tony Mason, Chief Executive Officer stated, 'We are very pleased to provide the
market with an operational update of our US projects. We are very positive with
the results from the 2007 work programme to date and look forward to providing
continual updates on our activities.'

John Randell who works for Wellmaster LLC, is an independent contractor who
meets the criteria of a qualified person under the AIM guidance note for mining,oil and gas companies, has reviewed and approved the technical information contained in this announcement with respect to Orion.

Art Davies who works for West Mountain Operating, Inc. is an independent
contractor who meets the criteria of a qualified person under the AIM guidance
note for mining, oil and gas companies, has reviewed and approved the technical
information contained in this announcement with respect to Orion.


Ends

I think MRP looks cheap

From ANF :

BOPD - 22 Feb'07 - 10:32 - 13493 of 13498 (premium)


(AIM:MRP) Mkt Cap: 18.1m Price: 22.75p BUY

Good US Progress - Scope for reserves and production upside

Following the 7 February update, promising a flow test of the Orion 36 well in Michigan, Meridian Petroleum has this morning delivered further encouraging news that points to significant volumes of gas in the second quarter. It has this morning published another update, focused on Orion, Calvin 36 (Louisiana) and Milford 36 (Michigan), where the company expects to increase its exposure.
Having earlier suggested potential for Orion reserves estimates to be revised higher, the company this morning states that production potential of the Orion 36 gas well is likely to exceed directors expectations. Output of an initial minimum 3-4 million cubic feet per day (mmcfpd) is thought possible, with some upside later in the development programme.
MRP owns 75% of the project and is preparing to install the hydrogen sulphide (H2S) removal equipment ready for commercial production in 2Q07. The well is adjacent to the CMS Energy-operated pipeline, with the local utility buying the gas from the field. Orion was originally thought to contain 3bn cubic feet (bcf) of recoverable reserves, but there are hopes of an upwards revision in the forthcoming independent assessment.
In Louisiana, the Calvin 36 #1 well is ready to enter production. The well has so far performed in line with expectations and is thought capable of delivering 1-2mmcfpd once on line and hooked up to the existing field gas production facilities. MRP owns 68.75% of this well, which is not covered by the Ensight farm-in agreement that will focus on development of shallow and deep formations in the Calvin area.
Next in line is the Milford 36 well in Michigan, where work is due to commence within the next 30 days. The current net revenue interest (NRI) is 25%, but MRP expects to have enlarged its holding during the 30-day period. The well has in excess of 100 feet of potential pay zone with reasonable permeability and porosity. It too is adjacent to an existing pipeline and the hook-up is unlikely to pose any major issues.
Comment
These are bread and butter projects for Meridian that, if developed successfully, will demonstrate a technical capability and provide useful volumes and cash generation before the company gets stuck into the higher-profile projects namely Calvin Deep, West Sipsey coal bed methane (CBM) and the Australian Dolores gas prospect. Trends in reserves and near-term production are encouraging. The shares have struggled of late, but the steady flow of largely positive news should help push the stock closer to our DCF-based price target in excess of 40p a share. We reiterate our BUY recommendation.
- Alan Marshall

Ambrian is engaged as corporate broker to this company.

Recommendation - Buy

Sold mine. Good luck to everyone else.

Strawbs.

chart below is fairly self explanatory with 25, 50 and 200 dma all in close proximity ..... resistance/support possible/probable at 22.50 (unfortunately did not paste in as it should have!)

would be difficult to recommend a "buy" at the moment, but if there is an upward break, then it could be quite potent.

I suspect you're right. The charts been a roller coaster for the last few months, and the wild movements show just how much it gets traded. I just can't be bothered to hold it any longer. I might be back if the price drops far enough, but for the moment it's been relegated to the watch list.

Strawbs.

Just bought some today in view of the good news.

next resistance looks to be at only 24 ... all too congested for me

Cynic, Am a beginning to try to read charts, so could you explain why you think resistance will be at 24 I thought 26 but would appreciate a lesson (short)

think you may be right, though if you follow the 24p line across you'll see why, but i am very amateurish at these things .... even so, 26 is no great profit to target

Thanks, 26 is no great profit especially when it still leaves me in the red but at least it's in the right direction and I'm hopeful it will break through - the eternal optimist!!!!

Cynic, See what you mean. Looks like it could be 24 then 26. Won't hold my breath then

I think MRP is on the way up now with regards to recent news and progress. I think 30p in the short term.

It was nearly 40p last May.