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

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.

Love your determination Chav. Hope you're right I've a long way to go to break even.

Doubt you are the only one Maggie but keep the faith and I'm sure you will be rewarded!

Hold onto your hats!!!!!!

Expecting wind?

RNS Number : 1894Z
Meridian Petroleum PLC
17 September 2009


MERIDIAN PETROLEUM plc

('Meridian' or 'the Company')

Development and Operations Update

Prospective Resources in Australia increased by 300 million barrels


Meridian Petroleum (AIM : MRP), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces an increase in prospective resources in Australia and an update on operations in the USA.

Development - PEL 82 Licence, South Australia

Primary Industries and Resources, South Australia ('PIRSA') has formally offered to renew the PEL 82 licence to Meridian for a further 5 year period. The work programme agreed with PIRSA provides for further geological and seismic interpretation and evaluation, and the drilling of 2 wells. Meridian's proposed area for the compulsory 50% relinquishment was also accepted by PIRSA. The PEL 82 licence area will now be 137 square kilometres and retains all of the identified major structures.

In addition to the 10 Waarre/Flaxman traps identified by the 3D seismic interpretation, initial evaluation of a structural high trend located north of the 3D area has been completed. Although existing seismic coverage of this northern part of PEL 82 is very sparse, two potential structural closures have now been mapped. Volumetric calculations based on the limited seismic data indicate that these structures have the potential to be significantly larger than those within the 3D area. Preliminary calculations indicate a potential hydrocarbon resource* of 300 million bbls of oil or 450 bcf of gas, or some combination of both. This brings the total resource estimate for the renewed PEL 82 licence area to 430 million bbls of oil or 630 bcf of gas.

Operations - East Lake Verret Field, Louisiana, USA

The current period of low US natural gas prices provides an opportunity to carry out a programme of planned work at East Lake Verret aimed at sustaining production volumes at the current level into 2010. This work will require wells to be shut-in for a period, but with existing hedging contracts providing significant monthly cash gains, the short-term reduction in revenue at current gas prices is not that material. At the same time, barge and other costs and equipment availability are very favourable at present.

The work programme is underway as follows:-

A work-over has commenced on the Kafoury 2 well which has been producing water alongside gas and oil for a few weeks. The well will be cleaned up, existing perforations will be plugged and isolated, and new perforations completed higher in the D-1 sands. This well is expected to be brought back on-stream in October.


The barge will then move to work-over the McKerrall 1 well, closing off the lower perforations and opening up the choke on the well. This well is also expected back on-stream in October, potentially at higher flow rates.


The McKerall 2 well, which is nearing the end of its productive life, has been producing intermittently over the past two months and loading up with water. The well is currently shut-in whilst operations to release the water and restore some production, possibly by the use of compression, are undertaken.

The remaining three wells continue to produce as normal.

Production - East Lake Verret Field, Louisiana, USA

Net natural gas production from ELV was 26.3 mmcf in July and 19.4 mmcf in August, which was affected by the shut-ins at the end of the month. Net oil production was 1,240 bbls and 1,124 bbls in July and August respectively. The combined average daily rate of production was 187 barrels of oil equivalent per day ('boepd') in July and 140 boepd in August.


September production will be affected by the shut-ins and work-over programme.

The average prices received for ELV production in July were US$4.21/mcf and US$60.38/bbl for gas and oil respectively. In August these prices were respectively US$3.56/mcf and US$67.02/bbl.


Hedging

The current pattern of US natural gas prices, with high storage levels contributing to very weak prompt prices, benefits the Company's hedging contracts as these are settled on the monthly closing price, which for the August contract was below US$3/mcf.

As a result the Company's hedging contracts are currently performing exceptionally well, delivering cash gains of US$349,000 in July/August.

Stephen Gutteridge, Chairman of Meridian, said:

'Our investment in the PEL 82 licence in Australia represented a significant commitment for a company of our size, but the major transformational potential now identified has confirmed the value of that investment. Our discussions with potential partners for the drilling of PEL 82 have been encouraging and our position is further strengthened by the confirmation of licence renewal and the bonus of further significant prospectivity.

Operationally, when we acquired ELV in June last year, we anticipated that work on the existing six producing wells would be required at some point, but we have been pleasantly surprised that production has been sustained beyond our expectations. With low gas prices and falling costs, now is an ideal time to perform this work, particularly as monthly hedging gains are currently well in excess of our cost base. Based on production levels over the past year there remains over two years of proven reserves in producing wells, plus the upside potential in the field.'

Some good wind in that RNS!!!

Potential resource at PEL82 has been doubled with the 3D from 150 million bbls Oil to 300 million bbls.