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."

who cares

I like this bit

Tony Mason, Chief Executive of Meridian Petroleum, said:

"I am delighted with the success of the placing and the continued support of our
shareholders. The funds raised will enable us to complete a number of near term
projects, including our recent substantial gas show on the Calvin Field,
generating significant additional revenue and cashflow."

Funny this following a rns from the company and i quote 'The Company knows of no other reason for this speculation or rise in its share price.' i dint think it was allowed to post misleading rns's.

it was not misleading, nothing new in the news we got today, just reafirms what we knew ;-)

did you sell then ;-)

hahahahahahahahaha

dont you have to buy before you sell, open mind on this one at the moment.

more news out today

tomorrow is going to be big top up time ;-) rock on!!!

must be due an update soon- gone a bit quiet here!?.

Suddenly going higher in the last 30 mins ...

the way they are not moving the bid price could suggest that sellers are around!. being VERY conservative with the movements.

but is news closer than we think?>

Who knows Lizard , lets hope its good -there seems to be a lot of selling today.

think there is a write up in shares mag today- anyone got it?.

Have a squint on chp thread, just says they have great potential.... nothing new but always nice to see..

from shares mag.
Dexter

+++++++++++++++++++++++++++++++++++++++++++++

Taken from Pg20 Shares Mag:
Run by a former British Army officer, Meridians recent 1 million share placing gives it the cash it needs to complete development work on its two main prospects, the Orion and Calvin fields in the US.
The shares have recently really started to move recently thanks to Meridian securing a lease on the Orion field, an exciting move since it is believed to hold about 3 billion cubic feet of gas, 2.7bcf recoverable. based on data from previous projects. There will also be money left over to snap up a handful of new prospects this year too.

cheers dexter- may see a few investors in after positive report!.

Asset revaluation complete, news out shortly, could it be at 3pm

or could it not..

Chill....AFN is even worse

More than likely NOT in spudhead's case...

do they have filter on here he is full of crap?.

I wish they had something on here to stop Bulls s**t