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."

Looking promising!

uuuhhhh??????

next week then with australia update as well expected mid march!.

lizard, you could be right, could be a tripple whammy, we could propel past 1

even 2 or 3 who knows keep your fingers and it might be a tenner in a year.

i'm eagerly waiting the australia update as this really could if positive give the company new further encouraging targets!.

katcenka, you are still trying it... I think 1 is way too ambitious, you need to be more pragmatic... Still trying to ramp these shares up, anyone who is thinking of investing in this company should do there own research...

i'm looking @ breaking 30p+ next week and holding this level. who knows long term levels 1 not off the mark if they keep progressing!.

if they get aussie... we will be over a 1 no problem, we should really be over 50p now... but who cares, I am 100% in this and well in profit

youve just summed yourself up there kat, your in profit so you dont care, i shall remember that when im following your tips (which ive never bought by the way.....yet).

another big rise tomorrow ;-)

oh yes!!!

Anymore of your so called contacts

up up and away, this is on an upward trend now, nothing can stop it IMO
Dexter

news must be coming, its moving up fast

Nothing to do with falling even faster earlier today?

news out!- progressing well- they have a LOT of interests here. very optimistic!.

that is some portfolio they are buidling -pleased to be in mrp long term. staying out of this complete mm sp manipulation!.

I like this company Lizard, they seem to be really well organised, there's no hype behind their news releases , just plain facts. I was in at 17.5p but will try and keep them as long as I can.

i've increased on drop 24.25p- this valuation is very low imo!. looks like progress is finally taking shape at meridian!.

expect a broker note shortly, like tomorrow