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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

what rise? down again...will hit 5p before it starts moving north...been told by a well known brokerage who are shorting it

It will turn and head north at some stage, really oversold.

w1zzard,

"another problem the company have is that while the market awaits clarification select houses are bombarding and spamming bill boards "advfn , iii " to discourage buying ."

-----

Care to elaborate on that comment?

Is your source posters on said BB's?

and if true, surely something to keep quiet about whist loading up for the 'inevitable' rise?

Nice bit of buying today and up 5% so far.

+5% looks as though it equals 50% of the spread!

Thats aim cynic.

that's fact chav - lol!

The spread was 3% at 4.30pm but they dropped the bid and raised the offer as they switched their computers off,finishing on 9.091%.

Another 5% plus on Monday would be encouraging to show a reversal here.
Gas prices still climbing nicely in the US so income from Orion sould be increasing from $32,000 daily it's been on!!


PRICE* CHANGE % CHANGE TIME
Nymex Henry Hub Future 8.21 -.05 -.59 01/11
Henry Hub Spot 8.12 .15 1.88 01/11
New York City Gate Spot 8.78 .22 2.57 01/11

Add premium onto the spotprice for the Detriot Gate price that MRP get and it all looks Rosey.

chav ,

except for the shareprice and long term chart!

The sp and long term chart looks great for anyone buying,just crap for anyone holding from higher up

on that basis chav i will probably buy tomorrow

dont buy until it hits 5p...the wise guys are waiting for 5p

I keep seeing this thread at the top and thought i would investigate the company, the chart looks a tad disappointing and it makes me wonder why there is so much interest. Does the chart say it all or have the market got it wrong??

The 'wise' guy's may end up paying over 10p if they wait for 5p!! The last time the sp got this low it turned and shot out to 20p+ fast and that was without production.
MRP now have a market capital of around 8 million with an income from Orion of $35,000 daily and gas prices still going up! They have plenty of cash in the bank plus the income from Orion to develope the next asset and get it online without dilution. How many many oilers would like to be in that position in the current climate?

maestro if you could explain how you expect a company with over $4 million in cash.
a $3.5 million investment in orion producing in excess of $32000 a day wthout even bringing into account any other asset

is going to fall to 5p less than 5 mil Mcap

ile wait

If any of T Masons shares are involved in the Oz deal as payment this could fly

I would expect SG to buy more once Star is sorted

Orion reserves report could be released at any time


At 8p the odds favour a bull run

for once i am inclined to agree with maestro .... surely unprecedented! ..... in the present climate, even good(ish) news can signally fail to impress .... RTN was a good example - and my goodness, don't i know it!

At the present moment small caps are suffering, though this one really looks like it is overdue for a serious rebound, it could be a sharp spike up all of a sudden, and this little company does have the Michigan well probably on test by now. Those waiting for 5p could be disappointed and miss the price up.