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

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.

No news today then....maybe Monday!

big week ahead :)

Today is the news and it is tumbling like dominos. SELL FAST!!!

Suspension on the well is not the best of news....better than a duffer though and once the legalities are sorted for the sidetrack we can hopeful complete as a producer.

'The suspension of the well is a setback in our plans to add further immediate production, but there remains a viable well at this location once we have addressed the broader unitisation issues."

Well over sold on the disappointing news at ELV.