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Meridian Petroleum PLC
04 April 2006

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

VICTORY 1-21 SUCCESSFULLY COMPLETED


Meridian, the oil & gas exploration and production company with key assets in
the USA and Australia today announced that the Victory 1-21 production well (10%
WI) has been successfully deepened in order to further penetrate a Niagaran
reef.

Using a coiled tubing unit and conventional work over rig, Total Depth was
reached at 4,394 feet and gas communication was made between 4,161 feet and
4,192 feet, an increase of approximately 31 feet in net pay. The well was
treated with acid to stimulate flow and is currently being swabbed to remove
remaining acid from the well bore following which the well will be put back on
line this week. It is anticipated that enhanced production rates will be gained
from the additional pay sections in the reservoir.

Anthony Mason, Chief Executive of Meridian said:

'The successful deepening of Victory 1-21 is good news for Meridian. The well
will be back on line this week, following which Meridian will resume receiving
income from Victory 1-21. We are now looking forward to the imminent completion
on Calvin 36.'

Don Caldwell, a certified petroleum geologist, is the Company's Qualified Person
and has reviewed the information in this announcement.


Enquiries:


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

Westhouse Securities (020 7601 6100)
Richard Morrison

Citigate Dewe Rogerson (020 7638 9571)
Media enquiries: Martin Jackson / George Cazenove
Analyst enquiries: Nina Soon


This information is provided by RNS
The company news service from the London Stock Exchange ND

Based on asset values it certainly will.

Understandable profit taking at the moment then on and upwards to the next level.

Dont recognise to many comments from shorters and "Cynics" - What a gay day and a breath of fresh air.

In fact, we don't see cynic anywhere recently.

He's on holiday this week.

Well..! a bid or several...somebody thinks this is undervalued !

I tried talking some basics with the 'cynics' but they just proved they know nothing about the company and are only here to spread negativity. Silly lot.

momentum is not exactly everything, but ignore it at your peril ..... i admit i place MRP in much the same quality category as EME, but have never shorted either ..... certainly one should never buy a stock on the rumour of a t/o, though we have all done it.

Agreed - never buy stock on a rumour of a takeover but if the assets show the share price to be significantly undervalued then takeovers will sometimes follow.

There's nothing agreed yet, however there may be soon.

The point is that MRP's value is away above this t/o or no t/o so hard to lose.

Yep! Even at today's price it doesn't match cash in bank plus Orion income. All other prospects in for free. Sell of Oz and start drilling at Calvin. Let's raise the P1 resources before selling off the company.

No one in there right mind would accept anything less than 30p and I'm sure that SG would know that.

Buys and sells could hardly be more evenly split - which bodes well. It will be interesting to see how the day ends. It there is/are to be bid/s perhaps we should contribute by running a sweep - I`ll start with 24p

I should think that the first bid would be less than 24p but will not be accepted. Interesting that there is more than one bidder and should ensure that a good price is offered.
Nothing less than 30p for me.

I'm with Chav. First bid 20p and rejected. 35p and I will start to think about it. In the meantime they should carry on working and prove up resources.

Definitely should carry on with the rentry of 5-29 and Milford. End of the day the bids may all be rejected and we can carry on developing the assets.Plenty of cash in the kitty to carry out these projects plus Orion production levels still rising.

35p?

No way IMO.

When did you last hear of a takeover bid at three times the current price of a share?

The price was around 6p when this started, so that would be nearly six times!

show me any takeover bid at three times current price, ever.

If the price isn't right,then no deal.

Andy, not saying bid will come in at 35p just that I will not accept any below that price. I would rather that Mr Gutteridge continued to run Meridian if I don't see that price.