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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

As a pre-drill site inspection took place at Pontiac last Tuesday I think you can reliably say that the drill bit will be turning any day now, Lion.

Meridian Petroleum has commenced drilling of the Pontiac prospect in Michigan.

The Company is partnered on Pontiac with Wellmaster and will have an initial working interest of 75%. This will revert to 56.25% once Meridian has recovered its share of drilling and completion costs.

Royalty levels on the Pontiac well are high at 32%, so Meridian's working interest position will translate into a net revenue interest of 51% initially, then adjusted to 38.25% after cost recovery.

Pontiac will be a relatively low cost well to drill and the Company has assessed it as having a 50% likelihood of success. If the well were to become a successful gas producer then similarities to the Company's existing Orion well are expected in terms of gas quality, recoverable reserves (2-3 bcf) and production profile.

However, the peak production rate of 6 mmcfd set by Orion is unusually high for a reef of this type and the Company does not currently anticipate such high peak rates from Pontiac.

Stephen Gutteridge, Chairman of Meridian, says: "We are pleased to have commenced drilling on the Pontiac prospect. The Company has the benefit of nearly two years of production experience at Orion, and with production facilities and a customer already available, completion and hook-up of a successful well should be relatively quick and straight-forward."

About 4 days LR2!!

Yep. More news very soon.

:)

further confirmation tomorrow of how undevalued these are

Yes. Looks like I should log in early for a change.

it's certainly putting on a stellar performance, but do please be careful .... spread appears to be 2.5p which is already hefty, and this is such a minuscule company that any selling volume will have a disproportionate effect on sp, perhaps making them almost unsaleable

cynic, or unbuyable!

that too, but it is usually much easier to buy at the top than to bail out (take profits) when sp starts to tumble

"but it is usually much easier to buy at the top than to bail out"

Good job it is nowhere near the top yet. (Agree with you about the spread though Cynic).

no one intentionally buys at the top, but many of us have that unerring knack!

Cynic, what is it with you????

The fact you cant be positive on good results and future, tells a story in my book.

Cynic, how true about buying at the top.

With even a small amount of success at proving up resources in South Australia I cannot see this share as being anything but amazingly undervalued even after the recent price rise. I'm staying with MRP for the present time.

what is it that you do not understand about caution and common sense?
this company may have a rosy future eventually, but that does not make my comments any less valid.
when was the last time someone went broke taking a profit?

house broker Ambrian ups price target to 1.38, well below mine!!

Collins Stewart also has price target of 1.38. Bit of a coincidence there. Also well below mine Duc.

Having a rest day today before marching onwards and upwards.

Its still coming! The cat should be out of the bag VERY soon.

stock was difficult to sell yesterday morning but finished the day difficult to buy. What do you believe is coming blue?