PPC.L Regulatory News (PPC)

17 Nov 2005 15:51

Meridian Petroleum PLC17 November 2005 17 November 2005 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Activity Update Near Term Production Prospects Milford 36 (25% WI) The Company has completed a fresh water injection into Milford 36 in order toremove the salt residue evident in the reservoir. The results were encouragingwith a significant amount of salt being removed and a pressure build up risingto 1700 pounds per square inch. A swabbing unit will be on site in the next fewdays to complete the removal of all the fluid from the well bore. The companywill then conduct additional flow testing with the objective of getting theasset on line as soon as possible. Calvin 37 (80% WI) The pressure build up in the well bore has been encouraging. It is intended now to move quickly on to completion with the objective of bringing the well online before the end of 2005. Development Prospects Meridian has commenced detailed seismic analysis of several Lower Tuscaloosaprospects in Mississippi and will, if the analysis is conclusive, immediatelycommence a defined leasing programme. In Michigan the Company is carrying out a detailed study of Emery Hudson with aview to developing a re-entry program in the early part of 2006. A similaranalysis is also being conducted at Brighton 36. The analysis of the original seismic field tapes from the Dolores prospect inAustralia will commence shortly. The initial re-processing of the stack data washighly encouraging. Anthony Mason, Chief Executive of Meridian said: "Our focus is on short term near production reserves and we are moving asrapidly and as prudently as we can to achieve that objective. Equally, we areattempting to develop our asset and prospect inventory for execution early in2006." Enquiries: Meridian Petroleum (020 7409 5041)Tony Mason, Chief Executive Citigate Dewe Rogerson (020 7638 9571)Media: Martin Jackson / George CazenoveAnalysts: Nina Soon This information is provided by RNS The company news service from the London Stock Exchange