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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

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.

well that is aim cynic and your view not mine

im happy to invest at 8p

i will call the hoodies first thing and rattle my loose change

at least you can only lose 8p per share! .... arguably similar logic as to why i suggested VIY at 6p as one to watch for 2008

I take it you all think the market has it wrong then!! Saying that lots yoo thread said the same thing.

Mason has a buyer at 5p...trust me

kivver YOO is losing 70k a week Mrp is making 70k a week enough said tbh

Just wondered why the shareprice is going down. Someone getting wrong somwhere. One of my fave companies KMR are not even making money yet but the graph is generally in a upward direction.

Definately keep an eye on mrp and be ready when I feel it positve and sustainable upward movement.

maestro,

Please explain!

maestro is renouned to talk rubbish ask the PET thread on advfn.

on another note.... MRP's website has been updated. Orion as we know, Milford - Q1 2008

Orion 36 Net Revenue Interest 70%
Probable Reserves (net)
Gas 2.2 bcf
Condensate 42000 bbls
Orion is an existing gas field that was drilled in the early 1980's. The field was abandoned early on in its producing life due to high H2S content. Higher gas prices and new technology have now made the exploitation of this asset economic. Orion 36 is a replacement well, drilled in early 2007, which encountered 122 feet of gas bearing pay. Meridian has installed H2S processing equipment and other facilities designed to be able to handle rates of up to 5.5 mmcfd. These facilities cost some $3.5 million of capital plus leasing costs of around $30,000 per month. The well came on-stream in August 2007 with gas sales to local utility CMS.

Average daily gas production rates by month were:

The highest daily production rate achieved to date was 3.98mmcfd.

2007
August 1.55mmcfd
September 2.55mmcfd
October 3.15mmcfd
November 1.96mmcfd
December 2.96mmcfd


The well also produces significant quantities of Natural Gas Liquids which are separated out, shipped by road and sold to local refineries. In a good month four loads of around 350 bbls each are shipped out.



Click Here for Orion Field Map - 14.11.06
Click here for Orion Photo Presentation



Milford 36 Net Revenue Interest 23.44%
Prospective Reserves (net)
Gas 138 MMcfCondensate 55000 bbls
Milford 36 was originally drilled by the company in 2005 but was operationally damaged. The Company re-entered the well in 2007 and although good pressures were observed, flow rates were poor. However subsequent perforation of the reservoir has shown encouraging results, but also encountered some oil shows which need further investigation.

Further testing of the well is required and this is expected to be completed during Q1 of 2008, at which time a plan for production will be drawn up.





MRP's website has been updated. Orion as we know, Milford - Q1 2008

Orion 36 Net Revenue Interest 70%
Probable Reserves (net)
Gas 2.2 bcf
Condensate 42000 bbls
Orion is an existing gas field that was drilled in the early 1980's. The field was abandoned early on in its producing life due to high H2S content. Higher gas prices and new technology have now made the exploitation of this asset economic. Orion 36 is a replacement well, drilled in early 2007, which encountered 122 feet of gas bearing pay. Meridian has installed H2S processing equipment and other facilities designed to be able to handle rates of up to 5.5 mmcfd. These facilities cost some $3.5 million of capital plus leasing costs of around $30,000 per month. The well came on-stream in August 2007 with gas sales to local utility CMS.

Average daily gas production rates by month were:

The highest daily production rate achieved to date was 3.98mmcfd.

2007
August 1.55mmcfd
September 2.55mmcfd
October 3.15mmcfd
November 1.96mmcfd
December 2.96mmcfd


The well also produces significant quantities of Natural Gas Liquids which are separated out, shipped by road and sold to local refineries. In a good month four loads of around 350 bbls each are shipped out.



Click Here for Orion Field Map - 14.11.06
Click here for Orion Photo Presentation



Milford 36 Net Revenue Interest 23.44%
Prospective Reserves (net)
Gas 138 MMcfCondensate 55000 bbls
Milford 36 was originally drilled by the company in 2005 but was operationally damaged. The Company re-entered the well in 2007 and although good pressures were observed, flow rates were poor. However subsequent perforation of the reservoir has shown encouraging results, but also encountered some oil shows which need further investigation.

Further testing of the well is required and this is expected to be completed during Q1 of 2008, at which time a plan for production will be drawn up.

early days but spread is still 10% and no movement at all
for the first time ever, i find myself in broad agreement with maestro .... there is no good reason to buy this stock (at this juncture)

So, we are heading for 5p are we ? hmmm...