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

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.

Chav, increased by not to 300 million bbls. It's 430 million bbls total. Try an 'in ground' value of say $1 a bbl on that lot and see what share price you might get.