PPC.L Regulatory News (PPC)

11 Oct 2005 13:20

Meridian Petroleum PLC11 October 2005 11 October 2005 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Activity Update Meridian, the oil & gas exploration and production company with key assets inthe USA and Australia, today announced that the step out well on Emery Hudson(net revenue interest 53.5%) had encountered tight limestone with minimalporosity and as a result minimal gas shows. Following advice from localgeologists and geophysicists, Meridian is planning to re-evaluate the 3D seismicdata in-house with a view to targeting another re-entry into the Emery HudsonReef. Meridian continues to progress a number of prospects including Calvin, Milford36, Victory 21 and Middleton Creek with a view to being in a position tocapitalise on the winter 2005 / 06 peak draw down. The Company will updateshareholders on developments as they are completed. Anthony Mason, Chief Executive of Meridian said: "We are disappointed with the result of Emery Hudson, however we are hopefulthat through re-interpretation of the 3D data we will be able to find a suitablere-entry point to the reef. We remain totally focused on getting our near termproduction projects on line quickly. In all cases, the emphasis is on movingrapidly but none the less prudently to be in a position to capitalize on thepeak winter draw down." 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