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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

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...

if i knew that, then would be shorting heavily ...... no reason that i perceive for sp to forge ahead though

The selling has stopped and peeps now buying. Bottom reached and time to get onboard.

sounds to me like a pretty damn-fool thing to do! ...... sp has scarcely moved and spread has widened

Only a trader is bothered about a 10% spread,I'm looking for 100%+ gain. If you don't like spreads then why even bother looking at any AIM shares?

because many quality AIM shares do not have wide spreads! ..... e.g. BUR 1224/1227 and POG 1490/1493 ..... and if you are looking for 100% gain on MRP, then how long do you expect to wait?

Not long!

be prepared to be badly disappointed then - lol!

I'm always prepared to be disappointed with AIM shares! However, I don't think I will be with MRP at 8p somehow!

Interesting cynic that you chose BUR as being a quality AIM stock, last time I saw it was in the FTSE 250 on Barclays but they have been known to get things wrong ;0).

bluelady,

Try AVM, MXP, PDX if you want to see AIM listed stocks with !% spreads.

MRP's spread of 11.7% is ridiculous, and I ALWAYS refuse to buy any stock with such a spread.

If the price falls, you can be 20 - 25% down in short time.

ah well; can't be rioght 100% of the time, but POG is assuredly AIM

Andy .... you can always leave in order within the spread

Go and have a look at KMR, HMB and CEY, big rises already but more to come imho.

big rise KMR, HMB and CEY? ..... in your imagination only!

KMR = +0.5p on a stock with a spread of 1.5p - where's the good news?
HMB = no change on day
CEY = +1.25p which is very nice but scarcely mind-blowing

they say you should invest in stocks for a minimum of five years. Ive been in the 3 above for about 2 years.

Hopefully, we can come back on here in 2 years time and say we have made the same sort of gains on MRP!! Pleased to say I havent been in MRP for 2 years i would be well cheesed off.

who says that?
and if you have been in MRP since Jan 2006, look at the chart (post 295) and see what a chump you have been .... sp is now back to its low (same as Jan 06) after a high of 38p (April 06)

Look at MDX, JHL, VOG, AEP, YAU, MITL and BRM, and see what kind of chump you have been!!! Dead easy to find shares that have done well over a certain time period the skill is buying at the right time. Just like when I bought KMR at 14p.

Black= KMR Green= CEY Red= HMB