Meridian Petroleum (EPIC: MRP)

Assets and Key Events

The following assets and events are based on the "Activity Update" RNS released on 27th April 2006. Victory 1-21 (10% WI) Fluid is currently being removed from the well, however it is continuing to produce gas at a rate of 150 - 250 mcfgpd. The removal of fluid is expected to take between 30 - 45 days, following which production is anticipated to rise to approximately 1 mmcfpd. Calvin 36-1 (80% WI 67.5% NRI) The Calvin well had substantial gas shows (see "Calvin Well Commercial" RNS 24-01-06). The company has experienced some small hold ups in obtaining the appropriate personnel and equipment, and now anticipates completion and tie in within the next 30 days. Meridian is developing plans to re-enter the Calvin 5 # 31 well to test the Rodessa zone and potentially produce from either the Sligo Petit or Redessa zones. This should require minimal capital expenditure and is planned to commence after the completion of 36 # 1. Orion (100%) The company has recently signed a second 40 acre lease block with the land owner. Permitting is on going and drilling operations are set to begin at the end of the second quarter. Based on data from earlier wells, the asset is believed to contain around 2.7 billion cubic feet of recoverable gas (See "Orion Lease Signed" RNS 14-02-06). Milford 36 (25% WI) The company plans to utilize coiled tubing on the well bore and drill several lateral legs. Drilling activity is likely to commence towards the end of the second quarter. Hustler (80% WI) Meridian has acquired the Old South Royalty lease in the centre of a defined area for potential production from the Lower Tuscaloosa oil sands. In order to develop this position further, the company has commenced acquisition of seismic leases, with an option to drill in some 800 acres around the Old South Royalty lease. The company is finalising an agreement to shoot 3D seismic with a Houston based partner. Emery Hudson The company is currently reviewing the 3D seismic data with a view to a possible re-entry in the third quarter. Coal Bed Methane Meridian has identified a significant CBM project in the USA. The study is with the company's reserve engineers. Following the review, anticipated in the next few weeks, the company expects to lease an initial foot print in order to undertake a pilot project. Australia The company has conducted a detailed review. The analysis reported several distinct hydrocarbon indicators and two potentially significant reservoirs. The data and supporting study are being reviewed by Scott Pickford in the UK, and an opinion will be rendered shortly.

Research

You should always do your own research before investing in a company, and you should not rely on comments posted here or on other sites as a basis for your investment descisions. The following links may be useful: Meridian Petroleum Web Site     Recent company RNS announcements     Oil Barrel

It is starting to fall as the sp has gone up too quickly...still overvalued at 36p

we will see in 6 months!.

watch this rocket this afternoon

don't think so! ph. seems strange but pleased to see a drop.

hold for the long term!.

The market is closed on GOOD FRIDAY and EASTER MONDAY,so only two trading days left to get in here cheap.I believe NEWS will be out next week,so anyone not in now is going to miss out bigtime,IMO.

Calvin is hooked up now so its probably too late to buy in imho...

Strawbs, have you sold yet?

sold are you mad?.

next few sessions could be a bit bumpy- but i'm holding these med/long term!.

Hi Tonker,

Yes. I sold on Monday before the close. The price was more than double what I paid for them, and since they had exceeded my price target, I preffered not to take the chance of a sudden price collapse "post RNS", as happened with my CHP shares. I'll probably buy them back if the price drops sufficently and stabalises (same with CHP), as I still feel they have good medium to long term prospects. In my opinion the price is too hot at the moment though.

Strawbs.

pleased for the pull back after decent run!.

hoping for this as had the kiss of death rns before when they release the

'no reason for share price movement' statement'.

sold half holding at 35.4p hold rest med long term looking at better entry point for funds to reinvest which is approaching imo.

I thought about "top slicing", but my "things I want to buy list" is always bigger than my "cash available pot". So these days I set an entry price, and if it reaches that point I buy back, otherwise I use the money elsewhere.

Strawbs.

strawbs; have you looked at goo?!.

decided to buy in at 33.5p...should see a big rally now before Calvin news released before Easter

Lizard,

Yes. It's on my list to keep an eye on. I haven't bought any yet though.

Strawbs.

Calvin now online according to poster BLUEDOLPHINE on ADVFN and BRAINDEAD01 on iii,they are the same person,but could be right,usually posts a lot of rubbish though.

every man and his dog is waiting for this news, all the big profits taken in the oil sector today are now poised to plough into MRP. This is going to blow sky high on good RNS

do they know something!?

If there was truly news on Calvin there would be an RNS on same ..... there isn't, so at best, someone is a clairvoyant! ...... Nevertheless, sp is currently +2.5 on day

WELL THAT DIDN'T LAST LONG- i suppose 40p level resistance!.

why should a share rocket just because one wants it to? ..... A little patience ...... News will be forthcoming in its own time, whether good or bad