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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

On the corporate activity front the recent bid discussion announcement came and went with no deal being made. A short lived rally up to 11p was quickly followed by a retrenchment back to pre-bid situation levels.

From an operational perspective fortunes have improved dramatically for MRP over the second half of the period with production from Orion-36 continuing to rise and providing excellent revenue growth, improving 87% from Q4 07 to Q1 08.
Analyst
Name: Werner Riding
Tel: 020 7510 8596
werner.riding@hoodlessbrennan.com

We welcome the reassessment of the companys strategy going forward. We feel the
focusing of efforts on core producing assets with near term cash-generative ability is important. To this end, we view the intention to dispose of the Mississippi assets and the Australian licence as a positive step.
We also feel reassured by the acknowledgement from the Board to place on hold the Alabama CBM project as it illustrates the ability to identify and prioritise projects based on potential economic value added. We feel this will enable the firm to focus on positive NPV projects and begin to generate shareholder value.

MRPs current market capitalisation of 6.0m is close to its current net asset value of 5.3m indicating there is very little recognition of current strong production being reflected in the share price. We feel there is more speculative upside potential than downside risk at current levels,
providing Orion-36 maintains its current production performance. As such we are upgrading MRP to Buy from Speculative Buy.

-------------

Just incase you missed it....'MRPs current market capitalisation of 6.0m (ok 9mill now) is close to its current net asset value of 5.3m indicating there is very little recognition of current strong production being reflected in the share price. We feel there is more speculative upside potential than downside risk at current levels,
providing Orion-36 maintains its current production performance. As such we are upgrading MRP to Buy from Speculative Buy'.

now are you telling me we are not a bid target , cashflow from Orion will re rate MRP on its own!

Having a bit of a blip at the moment!

FANTASTIC news for MRP shareholders this morning..What a RNS! Rerating a near certainity now.

we are away and RUNNING now!!

RNS Number : 8175W
Meridian Petroleum PLC
16 June 2008






16 June 2008

Meridian Petroleum plc




Director/ PDMR Shareholding




Meridian Petroleum plc (the 'Company') (AIM: MRP), the US-focused oil and gas exploration and production company, was today informed that Stephen Gutteridge, Chairman, had made the following purchases of ordinary shares of 5p each in the Company ('ordinary shares'):




75,000 ordinary shares at a price of 9.9p per share on Friday 13 June 2008.

100,000 ordinary shares at a price of 10p per share on Monday 16 June 2008

175,000 ordinary shares at a price of 10.25p per share on Monday 16 June 2008




Of the total 350,000 ordinary shares purchased, 150,000 are held in Mr. Gutteridge's name and 200,000 held in the name of Mrs. M. A. Gutteridge, wife of Stephen Gutteridge.




Following this notification, Mr Gutteridge now has a total beneficial interest in 600,000 ordinary shares, representing 0.62% of the issued share capital of the Company.

.

the re rating continues, at this rate we'll be 30p by the end of the month ;-)

12m pa revenue, mkt cap less than 10m, this is a no brainer!!

re-rating.. wont happen until late september me thinks.. does not happen during summer holidays

Wait till September! whoooooosh

fuck september..i want it now!

50p by the end of the month!

I've never heard such a load of total crap.

dealer, indeed, however these are undervalued. I would not rule out a rise to 20p over the next few months and possibly alot more in the longer term based on newsflow/discoveries. good luck, duc.

Atm it is irrevelent that these are undervalued. You obviously haven't noticed that apart from the occasional share, the MM's won't let Aim stocks rise and that the market is totally cornered by short sellers. Short term these will do nothing unless a bid comes in which is unlikely in the current environment.

ps I own these as well

We must be due some bad news soon(Milford) before the rest of the good.
;-)

new oilbarrel report out.. apparently a reserves update will be out shortly

09.07.2008
Meridian Petroleum Sees Monthly Cash Flows Top US$2 Million As Michigan And Louisiana Projects Deliver The Goods
Given last months 75,000 fine and public censure for failing to comply with AIM rules between August 2004 and February 2007 (related to poor disclosure of progress of its projects in Michigan), it is little wonder that the pace and detail of announcements from Meridian Petroleum has increased over the past six months. Whats more, the company, with new management and governance structures in place, now has plenty of good news to share following last months acquisition of interests in the East Lake Verret field in Louisiana and this weeks news that monthly revenues for June topped US$2 million.

The Orion 36 well in Michigan is proving a star performer for the company, setting a new daily gas production record of 5.57 million cubic feet per day at the end of June.
We have been pushing the well along quite hard and are getting close to the capacity of the plant but the reservoir is holding good pressures, which suggests we can continue to work it at this kind of level, chairman Stephen Gutteridge told oilbarrel.com.
In May, the state authorities upped the maximum allowable production level from Orion to 8.86 million cubic feet per day, somewhat higher than the current capacity of the 5.5 million-6 million cf/d capacity of the Orion plant. At present there are no plans to tinker with the development, particularly as the reef reservoir can be drained effectively with this single well.

Total net production for June, based on the companys net revenue interest in the well of 72.785 per cent, was 96 million cubic feet of gas and 998 barrels of natural gas liquids, equivalent to some 17,000 barrels of oil or some 567 barrels of oil equivalent per day. Cumulative production since start-up in August 2007 has now passed the 1 billion cubic feet marker and the US$4 million invested in the well has been fully recovered. With its costs recovered, the companys NRI will now fall to 54.589 per cent. Julys production numbers will be lower while the local pipeline operator undertakes routine repair and maintenance work. Meridian will use this downtime to take new bottom hole pressure readings to help reserves consultancy RPS Energy calculate the remaining reserves at Orion.

We do not know what the reserves implications will be but certainly the well has been performing very strongly and its worth asking RPS for a further review, said Gutteridge.

Given the success of this sour gas project, the AIM company wouldnt be averse to taking on an Orion look-alike. Certainly there are a number of potential reef candidates in the area, although these will require some geological and petroleum engineering work before the company commits to acquiring the leases, said Gutteridge.

Production from Orion has now been joined by output from the East Lake Verret field in southern Louisiana. Last month Meridian paid US$8.95 million for 60 per cent of Rozel Energys net revenue interests in the field, which was discovered by a forerunner of Exxon in 1952 and lies in shallow inland waters. It currently produces 5 million cubic feet per day of gas and 250 barrels per day of oil from six wells. Meridians share of this works out at around 1 million cf/d of gas and 60 bpd of oil: in June the production tally net to Meridian was 244 boepd. Production from the existing wells is expected to hold steady through 2009 and will then start to decline but Meridian sees opportunities to target proven undeveloped reserves to increase production, particularly of oil, from 2009 and extend the fields productive life beyond 2012.

The acquisition price means the proven reserves 768,000 barrels of oil equivalent (split about 55/45 between natural gas/oil) have been purchased for US$12.80 per barrel of oil equivalent. The effective date of the transaction was March 1, giving the company exposure to four months of back production and rising commodity prices. Taken together with the output from the Orion 36 well, this adds up to average daily production of over 800 boepd in June, which should generate over US$2 million in revenues.

This is a pretty healthy income stream and puts the company on a more sustainable financial footing going forward. Helpfully, the deal has also diversified the companys cash flow from over-dependence on the Orion 36 well (which is important as the companys other well in Michigan, Milford-26, has proved disappointing and despite significant investment looks unlikely to be a commercial goer) and added some lucrative oil production to the books.

The transaction was funded via a US$50 million debt facility with Macquarie Bank Limited, US$9 million of which was drawn down to fund the ELV deal. A further US$6 million of the debt facility will be used to further develop the ELV field, which has two behind pipe zones and five proven undeveloped drilling locations. Meridian, as the new operator, already has plans for up to three wells on the field, although no timetable in place as yet.

We have only just taken over as operator so it will take a few weeks to formulate our game plan on this one, said Gutteridge. We have also inherited a number of new partners and we need to make sure we have all their support. But we are certainly well funded to carry out this kind of development work and move the business along at quite a pace.

This will still leave the company with US$35 million of financial headroom to fund further acquisitions and move forward its Australian assets. Here the company is planning to shoot seismic over the PEL 82 licence in the first quarter of 2009 and is looking at options to move forward exploration of the Delores gas prospect in the Arrowie Basin, where it may bring in a farm-in partner or partially sell the asset or even proceed on a go-it-alone basis.

With the new debt facility in place and a solid production stream bolstering cash flows, the AIM firm has the muscle to push ahead with its existing projects and acquire new ones. Given that oil is over US$140 a barrel, there is every incentive for the company to capitalise on its improved financial and operational position.

Look here, all the usual suspects. Morning all.

janestone