News you've all been waiting for ...

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

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"

---


What explorwtion are MRP curreently conducting please?

Andy,

Currently testing Milford which may have gas/oil or both with less than 50/50 chance of being commerical. Presume that because they say, "less than 50/50 chance", that it must be close to 50/50 rather than say 10%!

Looking for a apartner to farm-in to Calvin Deep. The last partner,Ensight, pulled out because of over committment else where.

MRP are actively looking for other assets to buy.

Chav, the gas at Milford is not commercial. The oil is another matter. It may be commercial or it may not. Borderline comes to mind. Meridian are actively seeking a partner for Calvin Deep I'm told.

Commercial gas at Milford could still be a possibility after the acid treatment which they are doing now.

I guess it could be but I am not betting on it. The possible 175,000 barrels of oil are another matter.

I wouldn't bet to much on it either but remains a possibilty.

The 175,000 barrels is NGL (natural gas liquids) however I'm not sure that is the same as the potential oil. Are they one in the same or is the oil different to the NGL?

I think that they are different as Orions NGL is never referred to as 'oil'.

Chav,

"Presume that because they say, "less than 50/50 chance", that it must be close to 50/50 rather than say 10%!"


As companies are always optimistic, I wouldn't presume it is "close top 50%", quite the opposite in fact, although clearly there is a chance.

Andy,

We should know very soon one way or the other. It's a while since they started the work on Milford and I find it encouraging that still no news. Must be letting the acid work for the maximum time which will hopefully do the trick.

How many buckets of acid are they throwing down Milford!? News today maybe.