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

Cheers

Much much better Strawbs.

KD.

oh I just created a new one for Calvin, your boring bunch

anyhow should start seeing a rise towards 2pm, news could be out this afternoon, hope they issue the reval figure along with it

Kulecat on iii knows something, get in now, he says buy now

The Louisiana State gas flare ban meant that gas was produced into a frac tank
on location. The pressures encountered were such that, with due regard for
safety, the well was shut in immediately after completion of the flow test.
Previous gas tests in this zone have indicated pipeline quality gas with a high
condensate content. Plans are now moving forward to get the well completed and
on line as soon as possible. A pipeline runs through the location approximately
100 yards from the well head to the Calvin field dehydration and processing
facility.

Excellent thread-perhaps we'll be taken seriously now.

I think it was Kulecat who tipped me MRP when they were 16p,so I would take heed of what he/she says.

didn't really need much tipping with such a low market cap- floated at 35p... i would suggest 100p is a fair value...i bought at 9.5p incidentally

Should be plenty of buying today,first day of new tax year,sp should rise again in anticipation of good news,could be anytime,rather be in than out,IMO.

Frost laws lifted, Milford can start going ahead now with getting the heavy equipment in

http://www.micountyroads.org/page.cfm/22/

rocketing i say

strawbs -at least we have a normal site now-well done -no need to ramp this stock ph -so reducing the crap would be appreciated!.

hear hear... stick to your own thread PH!

Feel these shares have some more northwards movement, but it will be down to the boom that is occuring in most of the energy market... I am a good 39% up on these, will be holding for the time being... Strawbs, are you in on these and what do you think the short term prospects are?

Thanks for the positive comments everyone. Glad to hear you like the new thread. The information in the header is put together from various company announcements, with links to the relevant RNS messages. As I advise in the research section, anyone thinking of investing should do there own research first, and not rely on the comments of others (especially the sort of ones that plagued our previous threads). I hope the information provided proves usefull, and is presented in a suitably impartial way.

I do hold some MRP shares. I personally invested because the company appears to have good assets, short term production (hence income to expand and fund further drilling), and sound management (they seem to be delivering at present). In my opinion there appears to be plenty of short and near term prospects, with the Calvin hook up, and hopefully positive drilling at Orion later this year. Long term will depend on how well the management locates and exploits new prospects, and the continued strength of the oil and gas market.

Good luck with your investments.

Strawbs.

my fist ever post om this sight dident know they had bb's

hold on folks -!

mkt cap still low!-

Some real strong moverment on these ones today, any idears

yes good company with major assets and a mkt cap of 20 odd million. doesn't make sense.