www.meridianpetroleum.com

http://moneyam.uk-wire.com/cgi-bin/articles/200909240700095757Z.html
http://www.meridianpetroleum.com/admin/News/Docs/2008%20Results.pdf

http://www.meridianpetroleum.com/admin/News/Docs/Operations%20Update%20March%2009.pdf

http://www.oilbarrel.com/news/display_news/article/conference-report-2-petroceltic-international-targets-multi-tcf-resource-in-algeria-meridian-petro/771.html



Producing Oil/nat gas from the ELV field/USA....45% of Oil/Gas produced hedged at $100/bbl and $10.90 per mcf)

http://www.oilbarrel.com/fileadmin/content/pdfs/oilbarrel/presentations/merid%20pres.pdf


Drilling ELV.....Suspended until gain consent for sidetrack...casing and wellhead left in for future re entry

3D Seismics have been shot on PEL82 Otway Basin Australia....results are excellant!
PEL 82 Potential resource increased from 150mbbls Oil tooooooo 430mbbls Oil!



Also trading on Plusmarkets
http://www.plusmarketsgroup.com/data.shtml?ISIN=GB00B3DDP128/GBX/PLUS-exn

RNS Number : 6387U
Meridian Petroleum PLC
29 June 2009

Monday 29 June 2009

MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Sale of Orion Interest

Meridian Petroleum (AIM: MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces the sale of its working interest in the Orion 36 well, Michigan, USA.

Meridian has concluded an assignment contract with Wellmaster Production Company ('Wellmaster') whereby Wellmaster will acquire Meridian's 72.75% working interest in the Orion 36 well, together with the associated leases and production facilities, for US$207,000. The contract is effective from June 10 2009. The sale will have no impact on the Company's hedging contracts.

The Orion 36 well has been in production since August 2007 and has produced over 2 bcf of natural gas together with associated natural gas liquids. Meridian invested approximately US$4 million in the well and the production facilities, and successfully recovered that investment by mid 2008, at which point Meridian's net revenue interest reverted to 54.589%.

According to independent estimates by RPS Energy, remaining gross natural gas reserves are less than 300 mmcf and production will cease some time in Q4 of 2009. There will be abandonment and clean-up costs, expected to be in the range of US$75,000 - 100,000 and most of the on-site equipment is leased from Wellmaster, leaving little of residual value to the Company. The reduction in the Company's proved and probable hydrocarbon reserves as a result of the sale will be less than 3% (30,000 barrels of oil equivalent)

As a sour gas well, Orion 36 has always been high cost operationally, and based on current US gas prices, the Company is currently forecasting that future net cash flow from Orion production would only be sufficient to cover abandonment and clean-up costs. The sale will therefore deliver total cash-flow benefits in excess of US$250,000 which will be used to further reduce debt.

Wellmaster is the contract operator for the well and already owns a 25% working interest. It provides much of the equipment and labour resources, and is in the best position to manage the final months of production.

Stephen Gutteridge, Chairman of Meridian, said:

'Orion has been a very successful well for the Company and enabled us to acquire the much larger, lower cost and longer-lived reserves at East Lake Verret ('ELV') last year. We have also re-invested cash generated by Orion in drilling and seismic projects. As recently announced, we now have much larger prospects under development in ELV, which the Board believes will significantly increase our current production levels.'

June 30, 2009

End Of An Era For Meridian Petroleum As It Sells The Depleting Orion 36 Sour Gas Project





With its Orion 36 gas field in the US nearing the end of its productive life, Meridian Petroleum has decided to sell off its interest rather than the keep the high cost asset on its books. Wellmaster Production Company, contract operator for the well, has agreed to buy Meridian's 72.75 per cent working interest in the Orion 36 well and associated leases and production facilities for US$207,000.
The divestment makes sense given the easing in natural gas prices: on current projections, future net cash flow from Orion would only be sufficient to cover abandonment and clean-up costs of around US$75,000 to US$100,000. By selling the field now, Meridian should derive total cash-flow benefits of more than US$250,000, which will be used to further reduce debt.

The AIM firm brought the sour gas field onstream in August 2007, since when it has produced over 2 billion cubic feet of gas and natural gas liquids. It invested US$4 million in the single well project, an investment that was successfully recovered by mid-2008. But with remaining reserves of less than 300 million cubic feet, the field is expected to cease production some time in the fourth quarter.

It is the end of an era for Meridian, with production from Orion it flowed as much as 6 million cubic feet per day helping the company to post a maiden profit in 2008. Efforts to find an Orion look-alike came to naught when the Pontiac well came in dry, leaving a looming gap in the portfolio as Orion went into decline as expected. The company has already taken steps to plug this gap, spending US$10 million last year on the East Lake Verret field in Louisiana.

"Orion has been a very successful well for the Company and enabled us to acquire the much larger, lower cost and longer-lived reserves at East Lake Verret (ELV) last year, said chairman Stephen Gutteridge. We have also re-invested cash generated by Orion in drilling and seismic projects. As recently announced, we now have much larger prospects under development in ELV, which the Board believes will significantly increase our current production levels."

East Lake Verret is home to six producing wells that provide net production of 1 million cf/d of gas and around 50 bpd of oil. The 2P reserve number is 1 million barrels of oil equivalent, of which only 30 per cent is currently in production, providing substantial low risk upside.

Meridian plans to get after this upside, with a two to three well programme on the books this year to bring onstream another 500,000 boe, which should lead to a 50 per cent increase in production by the end of the year. This would take output to 1.5 million cf/d and 75 bpd but could be higher if partner negotiations see Meridian take on a bigger slug of the drilling costs and thus eventual production. The first well, McKerall B-9, is expected to spud no later than August.

Depending on our working interest level, this well alone is projected to increase our ELV net production by 60 to 150 per cent, and together with the potential for higher US gas prices this winter, this would substantially enhance our existing, positive cash-flows, said Gutteridge.

http://www.oilbarrel.com/news/display_news/article/end-of-an-era-for-meridian-petroleum-as-it-sells-the-depleting-orion-36-sour-gas-project/771.html

http://www.oilbarrel.com/fileadmin/content/pdfs/oilbarrel/presentations/merid%20pres.pdf

Bit of buying interest today...3D seismic results about due.

Nealy there now boys and girls. :)

Certainly should be news of ELV drilling and 3D results very soon.

nice rise - 27%

It's a start. Lot more to go yet.

Only a matter of hours too wait now !!!!!

;)

....

Nice buying interest this morning and the SP continuing to rise.

Uptrend staying firmly in place.

Some big news to come this week!!!!!!!!!!
;-)

RNS Number : 5139X
Meridian Petroleum PLC
17 August 2009



17 August 2009




MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')




Update on PEL 82 Licence, South Australia




Increased Prospectivity for Hydrocarbon Discoveries




Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces initial results and key conclusions from its 3D seismic survey on the PEL 82 licence in the onshore Otway Basin, South Australia, and the next steps in the further development of the licence.




Key Points




Results from the 3D seismic survey on PEL 82 have appreciably increased the prospectivity for hydrocarbon discoveries on the licence
The close-spaced 3D seismic provides a detailed and more clearly defined image of structures within the survey area
Nine prospective hydrocarbon bearing traps have now been identified, four within the Waarre sandstone and five in the Flaxman sandstone
Many of the mapped structures contain vertically stacked areas with anomalous seismic amplitudes through a number of different formations. This feature bears similarities to the stacked pay zones encountered in large producing fields of the offshore Victoria Otway Basin
There is a good fit between the amplitude anomalies and the prospective structures of the area
Possible drilling locations are being further evaluated, with a particular emphasis on those capable of testing both Waarre and Flaxman traps in the one drill hole
The 3D results, combined with the re-processed 2D data and additional information available from other licences and wells, have provided the Company with a comprehensive range of material for marketing the PEL 82 prospects to potential partners and this process is now underway.



Background




Data Processing and Quality

The 3D seismic survey covering 88 square km of the PEL 82 licence was completed at the end of March 2009. Complex data processing was necessary to overcome interference from shallow cavernous limestone strata which severely impaired the clarity of the older 2D data. Extra time and effort was expended to attenuate the impact of this. The resultant quality of the data showed substantial improvement over the 2D data at the deeper target horizons of the Waarre/Flaxman sands. At shallower depths, the 2D data remains better, and the combination of the new 3D with the re-processed 2D has provided the company with a much enhanced and more detailed view of the structure and prospects for the licence.




Data Interpretation

The Company engaged the services of two companies to provide data analysis and interpretation, using individuals with substantial experience of Australia generally and the Otway Basin in particular. Interpretation began in early July and initial reports have now been received from both parties. The two completely independent interpretations have identified the same prospective structures, giving Meridian confidence that the structural analysis is correct. Further interpretation and refinement will continue.




Current Assessment




The initial reports have highlighted a number of features which the Company will need to consider during the next stages in the development of the licence




The fault lines which were visible to shallow depths on the re-processed 2D are now much more clearly mapped at depth, providing enhanced definition of the prospective hydrocarbon traps

As a result of the clearer mapping of the faults, the three structures identified by the 2D seismic are now seen to be more complex, and there are now nine identifiable traps within the survey area. Five of these are Flaxman sandstone and four are in the deeper Waarre sandstone. The four Waarre prospects all directly underlie Flaxman prospects, which significantly improves the chances of economic discoveries

Sophisticated analysis indicates that the faulting has not compromised top seal closure on most structures, with few incidences of cross fault spill points.

Detailed mapping of the 3D seismic has revealed a positive relationship between seismic amplitude anomalies and prospective structures, particularly for the Waarre sandstone.

Overall, the analysis to date tends to suggest that there are enhanced prospects for hydrocarbon discoveries on PEL 82 with a greater number of reservoir opportunities giving more options for drilling. Identification of the best drilling locations is therefore a critical aspect of the next phase.




Next Steps




Continued analysis and interpretation to assess risked volumetrics and identify primary drilling locations

Extend analysis of the 3D across the entire licence area by incorporating the 2D interpretation.

Renewal of the licence for a further 5 year period from early September with compulsory relinquishment of 50% of the total PEL 82 area.

Discussions with potential partners in a drilling programme. Representatives of the Company will be in Australia at the end of August/early September for a number of arranged meetings with prospective partners.




Stephen Gutteridge, Chairman of Meridian, said:




'We are very pleased with the results of the 3D seismic and the extra insight that this has given us into the PEL 82 licence. The prospects for hydrocarbon discoveries have been appreciably enhanced by this work and there is clearly the possibility of sizeable and multiple discoveries. Whilst further analysis of the data needs to continue, there is now a focus on developing the drilling plan, in conjunction with potential partners and the South Australian authorities.'

yes its progressing well a mcap of 15 mill would look cheap

to still be at 9mill is a gift horse

"gift horse"...understatement...hugely undervalued still and large up side to be expected before long...market will not be able to ignore for much longer as ELV drill results come in around Friday and JV partners for Oz assets becomes known.

http://www.moneyam.com/InvestorsRoom/posts.php?tid=14368#lastread

Drilling at ELV should reach total depth over the next 2 days....Some traders taking profits this morning pre drilling results which could come any time over the next few days.

ELV drilling RNS in the Morning maybe.

Soon - without a doubt.