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Any news on Meridien? (MRP)
phillkay - 20 Sep 2004 13:35
Anyone know why everyone seems to be selling?
grevis2 - 30 Dec 2004 09:48 - 4 of 191
The chairman of the Company Don Caldwell (73)is held in high regard in US onshore oil and gas. He was a founder of Callon Petroleum a successful oil and gas company listed on the NYSE and has drilled over a 1,000 wells and has been responsible for a number of substantial oil discoveries in Michigan, Mississippi and Lousiana (which by no coincidence is where Meridians focus is). Don Caldwell is responsible for the sourcing of all their US assets. Tony Mason the chief executive is english ex Merril Lynch on wall street and has lived in NYC for 14 years. Alvin Hoskin is a world renowned geologist and is the acknowledged expert on Niagran reef plays in the Michigan area.
grevis2 - 30 Dec 2004 09:51 - 5 of 191
23.12.2004 oilbarrel.com
Meridian Studying Options For Calvin Production
Meridian Petroleum, the AIM-quoted exploration and development company which operates in the US and Australia, is still working on plans to produce from the Sligo-Pettet reservoir in the Calvin field in Louisiana. Work on the field had been delayed by downhole mechanical problems and the inevitable equipment shortages that are now a common feature of the booming North American resource market.
Meridian has commissioned a study to look at the best way of optimizing production flows from the well after a test of the upper zone of the Sligo-Pettet produced 0.175 million cubic feet of gas per day. However, salt water was found to have flowed into the well bore in the lower part of the reservoir. An independent engineering study suggests a horizontal completion across the zone could increase flow rates by up to 40 per cent and that an initial flow rate in excess of 0.6 million cubic feet per day may be possible. The Rodessa reservoir was found to be wet and unlikely to be commercially viable.
Meridians chief executive Tony Mason said he was content with the results from Calvins Sligo-Pettet reservoir. We are putting plans in place to produce from this important asset, said Mason. The potential from Sligo-Pettet will allow us to build on our active exploration programme.
The company hopes to get its Calvin reserves onstream shortly. With oil and gas prices in North America still riding high, any additional barrels that can be hooked up will quickly turn profitable for the London start-up, which raised 2.3 million when it listed on Londons Alternative Investment Market this summer.
Once onstream, the Calvin flows will complement Meridians existing production from the Emery Hudson well in Michigan.
The well, which is drilled into the Michigan Reef Trend, flows both gas and condensate at a rate of between 1.2 and 1.5 million cubic feet per day. Meridian hopes to beef up these numbers in January when it plans to perforate the upper zone of the well bore, which contains significant porosity, for 120 feet, of between 6 and 9 per cent.
Meridian also plans to sink another well on the 100 acre reef and is studying the 3D-data of the area to determine possible well locations. Meridian holds a 50 per cent working interest (38.25 per cent net revenue interest) in the Emery Hudson field.
Two thousand five is already shaping up to be a busy year for Meridian. Drilling operations at Brighton36 and Milford36 in Michigan and Middleton Creek in Mississippi are due to get underway in the second quarter. The company will be hoping the Michigan and Mississippi results in 2005 will eclipse the disappointment of the wells drilled at West Levees Creek in Mississippi and Lyon22 in Michigan, which failed to find commercial quantities of hydrocarbons.
Meridians strategy is to extract early cash flows from its portfolio of onshore properties in the US to fund potentially higher return exploration in Australia, where it holds interests in Victoria and South Australia. In October, the company increased its equity in PEL 82 to 100 per cent, in a move that Mason described as a real milestone for the company. This licence lies within the onshore Otway and Gippsland basins and is thought to hold 2P reserves of 125 billion cubic feet of gas, with the main prospect lying within 25 km of the Moomba to Adelaide pipeline, which connects into the populated markets of southeast Australia. Owning 100 per cent of the equity gives Meridian control of the pace and cost of the exploration and development programme.
Meridian hopes to make some real headway in Australia in 2005. The company is in the final stages of completing the native title clearance process and its lawyers believe this should be finalized in March 2005.
Meridian Studying Options For Calvin Production
Meridian Petroleum, the AIM-quoted exploration and development company which operates in the US and Australia, is still working on plans to produce from the Sligo-Pettet reservoir in the Calvin field in Louisiana. Work on the field had been delayed by downhole mechanical problems and the inevitable equipment shortages that are now a common feature of the booming North American resource market.
Meridian has commissioned a study to look at the best way of optimizing production flows from the well after a test of the upper zone of the Sligo-Pettet produced 0.175 million cubic feet of gas per day. However, salt water was found to have flowed into the well bore in the lower part of the reservoir. An independent engineering study suggests a horizontal completion across the zone could increase flow rates by up to 40 per cent and that an initial flow rate in excess of 0.6 million cubic feet per day may be possible. The Rodessa reservoir was found to be wet and unlikely to be commercially viable.
Meridians chief executive Tony Mason said he was content with the results from Calvins Sligo-Pettet reservoir. We are putting plans in place to produce from this important asset, said Mason. The potential from Sligo-Pettet will allow us to build on our active exploration programme.
The company hopes to get its Calvin reserves onstream shortly. With oil and gas prices in North America still riding high, any additional barrels that can be hooked up will quickly turn profitable for the London start-up, which raised 2.3 million when it listed on Londons Alternative Investment Market this summer.
Once onstream, the Calvin flows will complement Meridians existing production from the Emery Hudson well in Michigan.
The well, which is drilled into the Michigan Reef Trend, flows both gas and condensate at a rate of between 1.2 and 1.5 million cubic feet per day. Meridian hopes to beef up these numbers in January when it plans to perforate the upper zone of the well bore, which contains significant porosity, for 120 feet, of between 6 and 9 per cent.
Meridian also plans to sink another well on the 100 acre reef and is studying the 3D-data of the area to determine possible well locations. Meridian holds a 50 per cent working interest (38.25 per cent net revenue interest) in the Emery Hudson field.
Two thousand five is already shaping up to be a busy year for Meridian. Drilling operations at Brighton36 and Milford36 in Michigan and Middleton Creek in Mississippi are due to get underway in the second quarter. The company will be hoping the Michigan and Mississippi results in 2005 will eclipse the disappointment of the wells drilled at West Levees Creek in Mississippi and Lyon22 in Michigan, which failed to find commercial quantities of hydrocarbons.
Meridians strategy is to extract early cash flows from its portfolio of onshore properties in the US to fund potentially higher return exploration in Australia, where it holds interests in Victoria and South Australia. In October, the company increased its equity in PEL 82 to 100 per cent, in a move that Mason described as a real milestone for the company. This licence lies within the onshore Otway and Gippsland basins and is thought to hold 2P reserves of 125 billion cubic feet of gas, with the main prospect lying within 25 km of the Moomba to Adelaide pipeline, which connects into the populated markets of southeast Australia. Owning 100 per cent of the equity gives Meridian control of the pace and cost of the exploration and development programme.
Meridian hopes to make some real headway in Australia in 2005. The company is in the final stages of completing the native title clearance process and its lawyers believe this should be finalized in March 2005.
grevis2 - 30 Dec 2004 10:21 - 6 of 191
Buy Meridian Petroleum at 35.5p
Argues StewartDalby of Oilbarrel.com
In the UK they have become known as scavengers. These are mid tier and small oil companies which have picked up stranded acreage in the mature North Sea, which are too small for the majors like BP and Shell to bother with. They are " pools" of oil which can be anything from 1 million to 10 million barrels of oil or 25 billion cubic feet to 100 billion cubic feet of gas
Smaller companies, which do not have the overheads of the majors can often squeeze more product out of the fields and extend their lives by adding further bits of the jigsaw for consolidation. They are essentially plays on the good prices for oil and gas. Paladin and Venture Production are companies, which have done well of acquiring these North assets. Tullow and Dana are examples of explorers, which have backed into acquiring mature production for cash flow to fund exploration.
If you can do it in the UK you can certainly do in the US. More so in the sense that as the stranded fields are onshore they are cheaper to exploit. And if the assets happen to be, well ,gas, prices are sky high at the moment.
Meridian Petroleum, which has just successfully floated on London's Alternative Investment Market with its 30p shares going to a premium on day one and raising 2.3 million in the process, has assembled a portfolio of assets in three US states and also Australia. Meridian has targeted projects where oil or gas has been found before or is close to existing production. There is therefore low technical and reservoir risk.
There is low sovereign risk, that is, political risk, as the assets are not in Russia, say. There is clarity of taxation. The interests are close to gas pipelines and/or existing infrastructure.
In the US Meridian has acquired the Emery Hudson field in Michigan. Gross potential reserves and resources have been estimated at approximately 5.2 billion cubic feet of gas plus 67,600 barrels of condensate. A low cost re-entry into a Niagaran Reef previously drilled by Dominion Midwest, it flow tested at 22.8 million cubic feet of gas per day. Full production recovery rates are expected to be 4 million cfpd of gas and 52 barrels of condensate. First income started in June 2004.
Meridian has an interest in another field in Michigan, Brighton 36, a Niagaran Reef formation in a historically prolific and gas producing region area, with gross producing reserves and resources estimated at 1.3bcf gas and 526,000 barrels of condensate. In the Calvin Field Louisiana, there are stakes in two reservoirs, Sligo and Rodessa, both of which are simple shallow structures with in a producing area with extensive field history. Total potential reserves and resources are estimated at approximately 24.2 bcf and 12 bcf respectively with condensate of 980,000 and 180,000 barrels respectively. There are also interests in two fields in Mississippi, Levees Creek, an 'attic' oil p[prospect in a producing area with potential reserves and resources of approximately up to 834,000 barrels of oil in place and Middleton Creek, located to the east of the Wilcox trend in the highly productive deeper Tuscaloosa sands.
In Australia Meridian has acquired a 77 per cent interests in one Petroleum Exploration Licence (PEL) and four Petroleum Exploration Licence Applications (PELAs) in the Otway and Gippsland Basins. The areas involved cover 9 million acres and, although at an early stage could hold 125 bcf of gas just 25 kms from the Moomba to Adelaide pipeline and the populated markets of southeast Australia.
The US interests are more advanced. With Meridian's working interests (WI) ranging from 50 per cent to 82.5 per cent and net revenue interests (NRI) 38.5 per cent to 64 per cent, independent surveyors Scott Pickford have estimated proven and probable (P1+P2) working interest reserves of approximately 2.5 million of oil equivalent in the US. Scott Pickford have calculated a pre-tax, pre-overhead Net Present Value, discounted at 8 per cent of 18.7 million for Meridian's P1+P2 reserves before considering the upside potential of Australia.
A key point to note than on the day of Meridian' float, it also announced that the Emery Hudson Field is performing in line with expectations, that is it is producing around 4 million cubic feet of gas a day plus condensate. Tony Mason, Chief Executive of meridian tells us the company is achieving about US$ 6 a thousand cubic feet. This means free cash flow of between US$250,000 and US$300,000 a month. Since the field took a total of 291,000 to acquire and bring on stream, say US$600,000, then Meridian has a payback period of just two months on the field. It is also looking at cash flow of US$2 million by the end of the year. Meridian already is a nice cash flow, low cost, low risk venture. But that is not all there is. A 20 well programme starting in the second half of 2004. So there will be in all probability sufficient funds to develop the exploration upside in Australia as well as acquire more assets in the US and Canada.
Argues StewartDalby of Oilbarrel.com
In the UK they have become known as scavengers. These are mid tier and small oil companies which have picked up stranded acreage in the mature North Sea, which are too small for the majors like BP and Shell to bother with. They are " pools" of oil which can be anything from 1 million to 10 million barrels of oil or 25 billion cubic feet to 100 billion cubic feet of gas
Smaller companies, which do not have the overheads of the majors can often squeeze more product out of the fields and extend their lives by adding further bits of the jigsaw for consolidation. They are essentially plays on the good prices for oil and gas. Paladin and Venture Production are companies, which have done well of acquiring these North assets. Tullow and Dana are examples of explorers, which have backed into acquiring mature production for cash flow to fund exploration.
If you can do it in the UK you can certainly do in the US. More so in the sense that as the stranded fields are onshore they are cheaper to exploit. And if the assets happen to be, well ,gas, prices are sky high at the moment.
Meridian Petroleum, which has just successfully floated on London's Alternative Investment Market with its 30p shares going to a premium on day one and raising 2.3 million in the process, has assembled a portfolio of assets in three US states and also Australia. Meridian has targeted projects where oil or gas has been found before or is close to existing production. There is therefore low technical and reservoir risk.
There is low sovereign risk, that is, political risk, as the assets are not in Russia, say. There is clarity of taxation. The interests are close to gas pipelines and/or existing infrastructure.
In the US Meridian has acquired the Emery Hudson field in Michigan. Gross potential reserves and resources have been estimated at approximately 5.2 billion cubic feet of gas plus 67,600 barrels of condensate. A low cost re-entry into a Niagaran Reef previously drilled by Dominion Midwest, it flow tested at 22.8 million cubic feet of gas per day. Full production recovery rates are expected to be 4 million cfpd of gas and 52 barrels of condensate. First income started in June 2004.
Meridian has an interest in another field in Michigan, Brighton 36, a Niagaran Reef formation in a historically prolific and gas producing region area, with gross producing reserves and resources estimated at 1.3bcf gas and 526,000 barrels of condensate. In the Calvin Field Louisiana, there are stakes in two reservoirs, Sligo and Rodessa, both of which are simple shallow structures with in a producing area with extensive field history. Total potential reserves and resources are estimated at approximately 24.2 bcf and 12 bcf respectively with condensate of 980,000 and 180,000 barrels respectively. There are also interests in two fields in Mississippi, Levees Creek, an 'attic' oil p[prospect in a producing area with potential reserves and resources of approximately up to 834,000 barrels of oil in place and Middleton Creek, located to the east of the Wilcox trend in the highly productive deeper Tuscaloosa sands.
In Australia Meridian has acquired a 77 per cent interests in one Petroleum Exploration Licence (PEL) and four Petroleum Exploration Licence Applications (PELAs) in the Otway and Gippsland Basins. The areas involved cover 9 million acres and, although at an early stage could hold 125 bcf of gas just 25 kms from the Moomba to Adelaide pipeline and the populated markets of southeast Australia.
The US interests are more advanced. With Meridian's working interests (WI) ranging from 50 per cent to 82.5 per cent and net revenue interests (NRI) 38.5 per cent to 64 per cent, independent surveyors Scott Pickford have estimated proven and probable (P1+P2) working interest reserves of approximately 2.5 million of oil equivalent in the US. Scott Pickford have calculated a pre-tax, pre-overhead Net Present Value, discounted at 8 per cent of 18.7 million for Meridian's P1+P2 reserves before considering the upside potential of Australia.
A key point to note than on the day of Meridian' float, it also announced that the Emery Hudson Field is performing in line with expectations, that is it is producing around 4 million cubic feet of gas a day plus condensate. Tony Mason, Chief Executive of meridian tells us the company is achieving about US$ 6 a thousand cubic feet. This means free cash flow of between US$250,000 and US$300,000 a month. Since the field took a total of 291,000 to acquire and bring on stream, say US$600,000, then Meridian has a payback period of just two months on the field. It is also looking at cash flow of US$2 million by the end of the year. Meridian already is a nice cash flow, low cost, low risk venture. But that is not all there is. A 20 well programme starting in the second half of 2004. So there will be in all probability sufficient funds to develop the exploration upside in Australia as well as acquire more assets in the US and Canada.
grevis2 - 30 Dec 2004 10:22 - 7 of 191
Placing Price per Ordinary Share 30p
Number of OrdinarySharesplaced 6,003,100
Number of Ordinary Shares issued pursuant to exercise of warrants by RAB
Special SituationsLP 5,000,000
Total proceeds from the Placing and warrant exercise (before expenses) #2.3 million
Number of Ordinary Shares in issue immediately following Admission 56,003,100
Market capitalisation following the Placing at the Placing Price #16.8 million
Number of OrdinarySharesplaced 6,003,100
Number of Ordinary Shares issued pursuant to exercise of warrants by RAB
Special SituationsLP 5,000,000
Total proceeds from the Placing and warrant exercise (before expenses) #2.3 million
Number of Ordinary Shares in issue immediately following Admission 56,003,100
Market capitalisation following the Placing at the Placing Price #16.8 million
grevis2 - 30 Dec 2004 10:35 - 8 of 191
Top % Gainers
# EPIC Name Price Chg %
1 TMC Toledo Mining Ord 0.1p 2.375 0.5 26.67
2 CLM Claims People Ord 1.5p 3.25 0.625 23.81
3 MRP Meridian Pet. Ord 5p 28.5 4.0 16.33
# EPIC Name Price Chg %
1 TMC Toledo Mining Ord 0.1p 2.375 0.5 26.67
2 CLM Claims People Ord 1.5p 3.25 0.625 23.81
3 MRP Meridian Pet. Ord 5p 28.5 4.0 16.33
grevis2 - 30 Dec 2004 11:09 - 9 of 191
Meridians chief executive Tony Mason said he was content with the results from Calvins Sligo-Pettet reservoir. We are putting plans in place to produce from this important asset, said Mason. The potential from Sligo-Pettet will allow us to build on our active exploration programme.
The company hopes to get its Calvin reserves onstream shortly. With oil and gas prices in North America still riding high, any additional barrels that can be hooked up will quickly turn profitable for the London start-up, which raised 2.3 million when it listed on Londons Alternative Investment Market this summer.
Once onstream, the Calvin flows will complement Meridians existing production from the Emery Hudson well in Michigan.
The company hopes to get its Calvin reserves onstream shortly. With oil and gas prices in North America still riding high, any additional barrels that can be hooked up will quickly turn profitable for the London start-up, which raised 2.3 million when it listed on Londons Alternative Investment Market this summer.
Once onstream, the Calvin flows will complement Meridians existing production from the Emery Hudson well in Michigan.
grevis2 - 30 Dec 2004 11:25 - 10 of 191
Top % Gainers
# EPIC Name Price Chg %
1 TMC Toledo Mining Ord 0.1p 2.375 0.5 26.67
2 CLM Claims People Ord 1.5p 3.25 0.625 23.81
3 MRP Meridian Pet. Ord 5p 29.0 4.5 18.37
# EPIC Name Price Chg %
1 TMC Toledo Mining Ord 0.1p 2.375 0.5 26.67
2 CLM Claims People Ord 1.5p 3.25 0.625 23.81
3 MRP Meridian Pet. Ord 5p 29.0 4.5 18.37
grevis2 - 30 Dec 2004 11:35 - 11 of 191
Top % Gainers
# EPIC Name Price Chg %
1 MRP Meridian Pet. Ord 5p 32.0 7.5 30.61
# EPIC Name Price Chg %
1 MRP Meridian Pet. Ord 5p 32.0 7.5 30.61
grevis2 - 30 Dec 2004 12:09 - 12 of 191
Top % Gainers
# EPIC Name Price Chg %
1 MRP Meridian Pet. Ord 5p 32.5 8.0 32.65
potatohead - 27 Jan 2006 11:54 - 13 of 191
News out monday... I reckon its to do with revaluation,.. could see this hitting 60p
RAB must be nearly out
RAB must be nearly out
TheMaster - 27 Jan 2006 12:09 - 14 of 191
Why would RAB want out if good news due monday?
Can you confirm your source
Can you confirm your source
potatohead - 31 Jan 2006 15:26 - 15 of 191
just got this email from MRP
My view is that the small amounts of stock they are taking off the table should be no real concern to a longer term shareholder. They have been in the stock for a while and most institutions want to utilize liquidity in a market when they are able. In other words they tend to sell in a rising market. The bottom line is that they are only taking a small portion of their holdings out of the game, so we should not be concerned. There is plenty of good news to come and beyond significant upside, therefore I would not be surprised to see them come back into the stock again later this year.
Anthony J. Mason,
My view is that the small amounts of stock they are taking off the table should be no real concern to a longer term shareholder. They have been in the stock for a while and most institutions want to utilize liquidity in a market when they are able. In other words they tend to sell in a rising market. The bottom line is that they are only taking a small portion of their holdings out of the game, so we should not be concerned. There is plenty of good news to come and beyond significant upside, therefore I would not be surprised to see them come back into the stock again later this year.
Anthony J. Mason,
espaceman - 31 Jan 2006 23:59 - 16 of 191
MRP isn't the only one that RAB has been selling :African Copper says RAB Capital cuts stake in co to 11.88 pct vs 12.85 on Jan 27
AFX
AFX
potatohead - 01 Feb 2006 15:28 - 17 of 191
news out tomorrow... and going by the email i got yesterday its good news ;-)
lizard - 01 Feb 2006 16:22 - 18 of 191
will hold you to that ph.
lizard - 02 Feb 2006 08:51 - 19 of 191
ph- can't see any news have i missed it?.
espaceman - 02 Feb 2006 09:13 - 20 of 191
Erm , nope - I can't either...
lizard - 03 Feb 2006 10:35 - 21 of 191
picking up looks encouraging!
espaceman - 03 Feb 2006 10:41 - 22 of 191
Since 10am the buys have been going mad and then came the news at 1030 and now it's mental !
dexter01
- 03 Feb 2006 12:05
- 23 of 191
rns from today,IMO pile in now!!
Dexter
++++++++++++++++++++++++++++++++++
Meridian Petroleum PLC
03 February 2006
03 February 2006
MERIDIAN PETROLEUM PLC
('Meridian' or 'the Company')
CALVIN drilling update
Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, announced on 24 January that its Calvin 36-1 well on the Calvin
Field, Winn Parish Louisiana (80% WI), had encountered a substantial gas show in
the Sligo Petit Zone. The well was flowed on a limited open hole test with a
25/64 inch choke in excess of 1mmcfpd.
Based upon the analysis of previous production data from the Sligo Petit Zone,
the Company anticipates the following break down of the gas and condensate mix -
Carbon Dioxide 3.14% to 11.66%, Nitrogen 3.75% to 5.28%, Methane 76.97% to
83.11% and Propane 0.95% to 2.36%.
Due to the default and non consent of the original owner of the Calvin lease,
Meridian's Net Revenue Interest will increase to 67.75% from 60% until a
significant financial penalty is paid through the increased production revenue.
Meridian is moving ahead as quickly as possible to complete the well and
commence production into the nearby pipeline.
Anthony Mason, Chief Executive of Meridian said:
'We are very pleased with the likely rich condensate content of the Calvin well
which will enhance our revenue from the field. While unfortunate, the previous
lease owners default increases Meridian's revenue share enabling costs to be
recovered more quickly.'
Enquiries:
Dexter
++++++++++++++++++++++++++++++++++
Meridian Petroleum PLC
03 February 2006
03 February 2006
MERIDIAN PETROLEUM PLC
('Meridian' or 'the Company')
CALVIN drilling update
Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, announced on 24 January that its Calvin 36-1 well on the Calvin
Field, Winn Parish Louisiana (80% WI), had encountered a substantial gas show in
the Sligo Petit Zone. The well was flowed on a limited open hole test with a
25/64 inch choke in excess of 1mmcfpd.
Based upon the analysis of previous production data from the Sligo Petit Zone,
the Company anticipates the following break down of the gas and condensate mix -
Carbon Dioxide 3.14% to 11.66%, Nitrogen 3.75% to 5.28%, Methane 76.97% to
83.11% and Propane 0.95% to 2.36%.
Due to the default and non consent of the original owner of the Calvin lease,
Meridian's Net Revenue Interest will increase to 67.75% from 60% until a
significant financial penalty is paid through the increased production revenue.
Meridian is moving ahead as quickly as possible to complete the well and
commence production into the nearby pipeline.
Anthony Mason, Chief Executive of Meridian said:
'We are very pleased with the likely rich condensate content of the Calvin well
which will enhance our revenue from the field. While unfortunate, the previous
lease owners default increases Meridian's revenue share enabling costs to be
recovered more quickly.'
Enquiries:
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