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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

How romantic to find myself holding hands with Strawbs yet again!

LOL.

Strawbs

This just looks like another over-priced oil company. The chart looks very bearish to me. I expect to see it at 15p and then around 10p.

This has been over-ramped for some time and it now looks like some realism has taken hold. Many of these exploration companies look likethe worst of the dot com boom.

Clearly the bears have been badly scared by the threat of alleged action by FSA ..... down a further 1.5p!

I think the bears have been a bit more realistic and accurate than the bulls.

cynic,

I seriously dount the FSA will take any action, and I am surprised TM is focussing on this, rather than building shareholder value in the company.

Surely the best way to dispose of the bears is to buid real value, and the market will sort out the true price?

And if there is a large short position, when it closes the price will increase I would have thought?

expect bad news tomorrow, talk of cavin not ready now till october, so another extension.. and we were told september. and before that 30 days and before that imminent, results due out expected to show a loss and reduction in shareholder funds.

8p will shortly follow

to late to short today, but may be worth trying to short tomorrow as sp is just about spot on 50 dma resistance level

Carefull Cynic. Mason will be after you. Shorters aren't welcome. :-)

Strawbs.

who the hell is Mason? Fortnum's partner?

As in Tony Mason CEO. Was he not miffed about some broker shorting MRP?

Actually given that Calvin will come on-line eventually, and all the assets they have acquired, it might actually be worth going long rather than short.

Maybe I'll put it in my paper portfollio..........

In my opinion, do your own research, ya da ya da ya.....

Strawbs.

Strawbs you're correct IMO --short closed ..THANKS 34p TO 15p..
This share price should never be this low given the facts and TM WILL REVEAL
ALL WHEN HE THINKS FIT TO DO SO. It's a no brainer like HMB------DYOH

RNS: Interim Results

Might need to hold that short a little longer. Looks like Calvin won't be ready until October after all. I've no doubt this will hit the share price again, but I think long term this must be completed eventually......unless they go bust of course.

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

Strawbs.

sp opened about 10% down so arguably too late to short ..... though calvin may well come good, markets don't like bad news, even delays against promises, especially from minnows and the figures weren't so hot either.

the following article was copied from Growth Investor..
i like the part about Warrior Basin - 500 trillion cubic feet of gas..


*****************************
http://www.growthcompany.co.uk/news-and-comment/28504/meridian-sees-autumn-gas-gush.thtml
*****************************
06/09/2006

Meridian Petroleum expects first production next month from its 142 billion cubic feet Calvin gas field in Louisiana.

Tony Mason, chief executive of USA and Australia-focused Meridian, says first production from Calvin 36 No 1 well is likely next month, followed by Milford 36. Arguing that a legal deal over aboriginal native title to the AIM-quoted company's massive South Australian gas project is very close, Mason says the company now sits on more than one trillion cubic feet of recoverable gas, with another 50 billion likely to be added to Calvin in October.

This portfolio includes a coal-bed methane project at Warrior Basin in Alabama, which holds an estimated 500 trillion cubic feet of gas. Mason says a pilot project should be producing from Warrior in the first quarter of 2007.

He emphasises that RAB Capital-backed Meridian, which is already producing from its Victory 12 well, has had all is estimates independently verified and argues the company's projects would be viable at oil and gas prices well below today's. Mason claims canny stake buying should ensure handsome returns when the assets start producing.

Farm-in deals with major production companies are possible later on and Meridian could sell its Mississippi assets at some stage. The company raised 1 million at 14p in February and Mason says there is enough money for 2006's programme, though Meridian will need more finance, in debt, equity or both, next year.

Floated at 30p in 2004, Meridian shares have veered between 51.5p and 7p and now stand at 16.5p, down 0.5p this morning, valuing the company at 12 million. They offer speculative recovery prospects.

Reading the above, Tony Mason sounds like a great promoter of his own stock .... that's fine provided he actually delivers, but i would much rather he was more conservative in his prognostications

I believe all will come good in the end,wouldn't like to hazard a guess when that will be though,but IMO,you couldn't get a cheaper share with all the potential of this one,people were buying these in the spring for 44p,hard to believe they are now 16p,and we haven't had any bad news,just delays,equipment and personnel shortages that is all.The MM's off course take full advantage of this,I would do the same if that was my job.

shorter has come back.. 25k sells reapearing.. 7p target, but could go lower

heard a rumour that meridian could be gobbled up by one of the big boys...more later

dthomson014,

"and we haven't had any bad news,just delays,equipment and personnel shortages that is all."


So far the delay has been at least 8 months, so I wonder what you define as "bad news"!

MRP have failed to deliver so far, and the price has reacted accordingly.

The market always punishes a stock that fails to deliver, so until the company delivers news the market wants t hear the price will remain subdued IMO.

And as for "it was 44p in the pring, and only 16p now", there was some irrational exhuberence in the spring, then sentiment changed, and that is why the price has fallen IMO, sentiment.

Even news of Calvin production may not help much, as it's already in the price, unless it surprises siugnificantly to the upside in volume and revenue of course.