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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

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.

EME and SER sp's would be rocketing if they put out a RNS with an income like Orions given the rise they have had off ONE months Orion income in a year!

Milford P&A

IMO

BlueKing...R U lying?

Chav

Milford news next week.

IMO

I would have to agree there Blue. Then again!

Mark my word negative Milford news next week . Then what will they work on?

Given the present sp in relation to daily income and money in bank versus M Cap, negative Milford news is not a big problem if that is the case.

What they will work on next regardless of Milford outcome is the million dollar question and why it's best to be in now before the news hits and the sp is at a crazy low level.

Chav

Ask yourself why the sp is where it is, there's something amiss. As you say given the income and M cap.

IMHO

Blue

Main reason like any share is buying pressure and in this case lack of but why peeps are not buying more is hard to put a finger on given how underrated MRP is at present.

Some don't like TM and ex Mrs holding so much stock however in my view they are going to want value for their stock the same as the rest of us.

If it is lack of news on future projects then I'm sure that will be addressed before to much longer,meanwhile a very useful cash pile is building up to carry them forward when identifed rather than heading to the market to raise capital. Approx $3m sat in the bank now and Orion bringing in $1.2m/month.

AGM coming up so the picture could become clearer after that.

new propsects are on the Horizon. We should have an RNS within weeks to say we've have made the $4million back meaning everything afterwards is profit for Orion. We still have Oz sales potentially coming through which could be 2$million imo plus we still have $1.2 million coming in a month. If Milford is good, that will add spice, taken very long to do 25k worth more work. Then we have the AGM, which could be explosive with any piece of news sending us north. MRP can move quickly and I am in rather than out. This price is a steal imo. too much income whether on 1 well or more. Other companies would dream of an Orion, our time is about to come and I expect us to be moving north in anticipation to a surprise at the AGM.

P.s look at the chart, an uptrend HAS started. All imo dyor etc. Strong buy in my books.

The uptrend continues and is getting firmer.

Looking good.

http://quote.barchart.com/texpert.asp?sym=MRP.LS&code=BEQM