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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

MRP will probably get someone to farm-in for Calvin Deep and share the costs although they could go alone and bring one well online at a time so that it self funds? So long as they hit commerical gas of course!

You are almost certainly correct regarding the farm-in.

Chav,

The last sentence being the most pertinent there of course!

They did in fact have a partner, who decided to walk, which probably illustrates the risk better than anything we post here.

With an estimated 110Bcf indicated applicable to Meridian they should find commercial amounts of gas.

Tau,

Is indicated a 100% secure reserve?

Not heard 'indicated' in relation to oil/gas resources. Normally means the used in relation to metal ore deposits. Is is equivalent to P2 (probable/50%)?

Calvin Deep is still a CONTINGENT resource according to the latest RPS report.

Calvin Deep has been tested before and is proven to have gas.


Calvin Deep Net Revenue Interest
70.0% Contingent Reserves
Gas 158 bcf

There are a number of significant opportunities in the deeper zones of the Calvin Field.

The Cotton Valley deep zone of the field contains 4 potential reservoir zones:- Knowles Limestone; Terryville A & B (normal pressure); Calvin A & B (over-pressured); Troy Limestone. These reservoirs extend from some 12,500 feet down to the Troy Limestone at over 14,500 feet.

The Company is currently seeking partners for the development of those deeper reserves. One possble target zone is the Terryville A & B, respectively 65' and 85' of net sand, normally pressured, but with tight porosities. The Company's independent consultants are confident that there is significant gas in place, but the use of water-fraccing techniques will probably be needed to improve on previously tested flow rates from these sands.

The lower over-pressured zones have tested gas at prolific flow rates in the past, but with very high (12,500-15,000 psi) pressures that have caused blow-outs. Heavyweight, high-pressure handling facilities and safety systems will be required to control well-head conditions and the development plan for these resources will need careful thought and costing.

Contingent is the lowest of the low isn't it?

Just means that until the drillbit goes in and proves the reserves,nothing is proven.

Exactly

If you wait till proven however,you will pay alot higher price....such is life when investing in resource companies! The lower over-pressured zones have tested gas at prolific flow rates in the past however.

chav,

And the opposite is true as well of course, when the drill bit fails to find the target the SP is decimated, as per AST recently, as one example, and there are many more.

As I say Andy...such is life investing in the resource companies! You pay ya money and ya take ya chance! The point with MRP is that the sp is so low now in relation to income and money in the bank,that it becomes alot saver than many other companies.

Some buying this morning to start the week off blue.

Got some more as these seem to be on the move and a definite rising trend.

chav,

With only one producing asset, I would say it's certainly not 'safe', as any problem would result in a total loss of income for the duration of the problem.

You have to ask, at the current high rate of production, how long will the known and proven reserves last for?

And at what point during the production cycle will pressure drop, and therefore, the rate of production?

Andy.... A lot of these small oilers haven't even got a 'one trick pony' let alone some thing like Orion that is producing a large amount of it's M Cap in a year. If Orion should die before they get another asset online, then MRP will be like the rest with no production!!

From todays results.

This assessment of Orion Reserves is not materially different from last years report
reflecting that, with the well having been on continuous production since August 2007,
the Company has not yet been able to provide new reservoir data for RPS to re-assess
the position.
- The better than expected production from the well might suggest potentially higher
Reserves, but this cannot currently be determined without a meaningful shut-in to
assess pressure build-up, and the Company will be considering the possibility of such
a shut-in in the next few months.

chav,

"If Orion should die before they get another asset online, then MRP will be like the rest with no production"

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What explorwtion are MRP curreently conducting please?