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."

imo i reckon it is the delays in moving equipment- 'frost laws' i think the yanks call them!. should be a fair amount of news coming in next few weeks on existing contracts not to mention australia (end of month) and us cbm project.

could get interesting hold tight!.

God , these shares are very fragile if it only takes "frost laws " to cause a nose dive.

17p is on the way chaps.. the stock has been shorted to death

possibly then again possibly not. this is starting to become annoying.

yes its going DOWN BIG TIME. OIL STOCKS NO LONGER THE IN THING...

END OF TAX YEAR HERE... PEOPLE WILL BE SORTING OUT THE CGT..

HEAVY SELLING WILL CONTINUE, A LOT OF PEOPLE BOUGHT SUB 10P, SO THEY MADE A VERY NICE PROFIT

Then whats the problem, they aint selling caus' its a bad stock, just realising some cgt.

It will be 1 by xmas.

LOL Just popped in to say I wouldn't touch this share with a bargepole just on the basis of the title of this thread, never mind any research.

Dont worry about the title its a good company! The person who started this thread a month ago now feels thats they were completely wrong and its not a bargain, in fact its only worth half of its current value even though nothing has changed.Guess they are probably still recovering from not getting rich on Tuesday...ref there traffic master shares which instead of making them rich fell 12%......Take 80% of what they put as wrong,the other 20% may come true just out of luck.

Steve

we will see tomorrow about TFC... but MRP is in a down trend

Meridian Petroleum PLC
Daily Commentary


Our system posted a WAIT today. The previous SELL recommendation that was confirmed was made on 23.02.2006 (27) days ago, when the stock price was 25.2500. Since then MRP has fallen -17.82% .

It is now a market with a firm decision to try the lower end. We already have warned you before with our previous confirmed SELL signal. Anyway, we believe that you have sold your shares and even opened a short sale position.

Our WAIT tag says all that is to say. Keep on staying short or at cash until the next signal. Do not bother yourself with any further buying or selling, as long as the WAIT tag stays.

[MOTTO OF THE DAY]
After selling, shorting whatever
Staying at cash is better than ever

I have shares in both and both have potential,TFC should go up tomorrow as it continually rose throgh out today.Just so i understand why did you start this thread on the 19th of Feb with this title, if 3 days later your system recommended to sell.
What changed so drastically between 19th of feb and 23rd?

MRP may fall a little more but within a month futher news will put everything right,similar to most shares in the oil business.

Please dont get me wrong,theres a lot more knowledgable people on this site than me and im confused as to your logic !!

Steve

i made a profit and ran... like most

double bottom here- hence bounce. could also be news? on way i expect>

aus/ cbm

Looking better than yesterday , shame , I was looking forward to 17 p...

i SMELL NEWS TODAY... LETS HOPE VICTORY IS GOOD NEWS, ALTHOUGH ITS ONLY 10% OWNED

CALVIN SHOULD START TO GO ONLINE ON MONDAY, OR EVEN EARLIER

she's gonna blow!!! 9mins to go

Calvin will be online on monday, SP should rise rather quick tomorrow in anticipation of news on victory and calvin

News on the way this afternoon

i suppose we will see ph. you are not one to take seriously but you will call it luckily one day!.

30days up.. expect news this afternoon from USA on calvin

WHY DO WE NEED 2 MRP THREADS RUNNING AT THE SAME TIME????