Meridian Petroleum signs Orion field lease
LONDON (AFX) - Meridian Petroleum PLC, the oil and gas company with key
assets in the US and Australia, said it has signed a lease on the Orion field,
100 pct working interest, in Oakland County, Michigan.
The company said, based on data from earlier wells, the lease contains a
proven and probable shut in reserve of 3 BCF of gas in place with approximately
2.7 BCF recoverable. The gas content is pipeline quality after treatment and
also contains condensate.
It added it expects to begin drilling operations early in the second quarter
of this year.

Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, announced on 24 January that its Calvin 36-1 well on the Calvin
Field, Winn Parish Louisiana (80% WI), had encountered a substantial gas show in
the Sligo Petit Zone. The well was flowed on a limited open hole test with a
25/64 inch choke in excess of 1mmcfpd.



Based upon the analysis of previous production data from the Sligo Petit Zone,
the Company anticipates the following break down of the gas and condensate mix -
Carbon Dioxide 3.14% to 11.66%, Nitrogen 3.75% to 5.28%, Methane 76.97% to
83.11% and Propane 0.95% to 2.36%.



Due to the default and non consent of the original owner of the Calvin lease,
Meridian's Net Revenue Interest will increase to 67.75% from 60% until a
significant financial penalty is paid through the increased production revenue.



Meridian is moving ahead as quickly as possible to complete the well and
commence production into the nearby pipeline.





Anthony Mason, Chief Executive of Meridian said:



"We are very pleased with the likely rich condensate content of the Calvin well
which will enhance our revenue from the field. While unfortunate, the previous
lease owners default increases Meridian's revenue share enabling costs to be
recovered more quickly."

i advise people to get in after the news and not before, but that will be your decision!! also looking fowrd to this afternoons news, off out now so eargily awaiting to return to see what it will be. good luck.

yes, I wanted to top up at 20p, so I said a lower price ;-)

but the good news is Victory has now started according to my contact, so I imagine news will be out today, and latest tomorrow, but I reckon it will be today

Tony is in the UK on Monday, I imagine it is to announce the revaluation figures, which obviously will attract a lot of press so he will be present for interviews..

it all looks extremly good

Walter Mitty.

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

I can assure you that at this stage there are absolutely no plans for additional capital raising. All of our near term production targets are moving ahead very well and we will be in a position to make a release to the market very shortly. I do not see any issues going forward. I am not worried by this short term market activity and urge you to take a medium to long term view.

Anthony J. Mason,

CEO Meridian Petroleum PLC
Meridian Resources, USA, Inc
Meridian Resources Australia, Pty
(T) 713-599-1611
(C) 713-201-6883
(F) 713-552-1641

i am interested in this stock for many reasons but the australia asset imo could be big- i do believe an update is due mid march!. correct me if wrong?!

just flew home at 100 mph to read todays announcement, bit disappointed it hasnt been posted yet but a few hours yet. the share falling as also added the disappointment.

spudhead is probably just a 10 year old who kid who bunks off school and logs on to his parents pc and prats around on here (when he's not sniffing glue)

i got some news __ there was no news today (people seemed pretty certain there would be), tomorrow maybe????

Well I'm in on these ones..... bought 4195 yesterday.. now lets see about this news

Seems to be a big move in prices today.... maybe some news out today, hope so!

news should be definate, earlier post said he had a contact, so it must be so.

news after 5pm

F.O.S as usual

Great rise today, news anytime soon could be a fun ride!!

Can not wait till tommorrow.... Kivver do you have any of these shares?

Tony Mason is in the UK on Monday, BIG NEWS!!! BIG BIG NEWS!!!!, we may get to see it tomorrow, its also Tony's birthday on 15th... so imagine what he will be getting

I must admit that there seems to be a bit of hiking going on at the mo... some of the above posts seem to be a bit sensational... People should always be careful of what they read... Still beleive there is some good ground in these shares though, featured in Shares mag

no tonker, not in these, dont like headings like the one to this thread (not to say it might not be right). I have followed Kat with TFC, and she/he did get it right but it took much, much longer than she/he expected. The PET thread on here and on other bb's taught me not fully trust all this ''news should be with us very soon'' malarky. Good luck to those that are in.

I see Kivver. You seem to offer some good advice... Hopefully i will not fall into another one... What thread do you use the most?

Cheers tonker, most of the shares i have been following and helping to support have progressed very nicely and the biggest part of the rise MAY be over. Particularly like asos (asc), kenmare resources (kmr), wolfson (wlf) Alizyme (azm) risky,

For the long term i like Corus (cs.), iqe (iqe), National Grid (ng) and Morrisons (mrw).

Skypharma (skp) is going through a dodgy patch and not sure which way its going to go. Complete disasters (so far) have been cybit holdings (cyh) and bioprogress (bprg) but still in hoping for the best.