Meridian Petroleum PLC
14 February 2006


14 February 2006


MERIDIAN PETROLEUM PLC
('Meridian' or 'the Company')

ORION LEASE SIGNED


Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, today announces that it has signed a lease on the Orion field
(100% Working Interest) located in Oakland County, Michigan.

Based on data from earlier wells, the lease contains a proven and probable shut
in reserve of 3 BCF of gas in place with approximately 2.7 BCF recoverable.
The gas content is pipeline quality after treatment and also contains
condensate.

The Niagaran reef was previously drilled in the late 1980's and early 1990's but
was shut in due to hydrogen sulphide emissions and the absence of appropriate
treatment technologies. Meridian's proposed use of 'sulphur treat' towers, a
technology now widely used for this type of gas treatment has been accepted by
the Michigan Department of Environmental Quality (DEQ).

Flow rates on the previous wells averaged between 2 to 4 mmcf per day plus
condensate and Meridian anticipates achieving similar flow rates from its
proposed new well location. The bottom hole location of the new well will remain
the same as the previous wells but will be accessed from the surface via a
directional drilling leg.

The proposed new well location is on a partially used asphalt pit adjacent to a
major gas pipeline.



Anthony Mason, Chief Executive of Meridian said:

'We are delighted to have signed up this significant shut in gas reserve in
Michigan State. Subject to permitting and equipment availability, we expect to
begin drilling operations early in the second quarter of this year.'



Enquiries:

Meridian Petroleum (020 7409 5041)
Tony Mason, Chief Executive

Westhouse Securities (020 7601 6100)
Richard Morrison

looking great, a real cracker, just the news we have all been waiting for. shooting up 0.54%

news on the way... Victory... due either today or monday latest.., keep an eagle eye for the RNS between 2pm today and Monday... eyes shap people

Calvin going online monday ;-)

Yeah ofcourse they are.

going up... this elevator only has one direction.. and that UP!!!

GET IN NOW... its about to move up to 26p

Not today I don't think.

Monday looks darned good for news on calvin...

lets hope Mason is working hard this weekend to give us the 27th march deadline news

Northern Petroleum is now valued at about 73m, some have said in the past that MRP should be valued at $100m which is about the same.

Are our assets worth more than NOP? I dont know, can anyone please advise?,do our reserves have the same amount.

Also in the Daily mail it says the price target for NOP is 3.60 (mkcp 150m) so still upside in NOP.

The reason I ask is to acertain how much REAL upside there is in MRP.

no one knows how much calvin is worth except scott pickford, and Mason said we may not get to hear what this figure is until may interims.. so it could be a while yet... or we will get it once calvin is online which could be late this week or early next, Victory news is now due, so I am expecting news on this very early this week

What does Calvin online mean?

Kind regards sker

means it will connected to the gas works pumping out gas, and lots of it..

this week is the week Calvin pumps out gas and MRP starts earning millions ;-)

Victory news due, due now!!!

I dont think thats quite true, but should be in the next 2-3 weeks

EHH!! the pipeline is only 300 yards away, I dont think it will take 2-3 weeks, the americans are hard working. Dim but hard working

news is very close, I cant wait for the news

Calvin is online ;-) yes please, come on boys the pipeline is only 300yards away from calvin

calvin kline ???- a pair of underpants done it a world a good now up over 2%, is there a risk we have already had big rise or jan or do you think it has a lot more to go?

looking ok so far- is an update on australia asset due stated 'end of march' if so last day today and what about cbm (coal bed methane) project?.

exciting times ahead for mrp i reckon!

Hope nothings happened to potatoehead,i cannot beleieve that the old spud has not been here telling us that news is due.......

Steve

don't like the heading of this thread!

NEWS OUT MONDAY 7am

or the fact its yet another thread, i think this is one of those that has great prospects but its just going to take a lot longer than you think!