PPC.L Regulatory News (PPC)

19 Jun 2008 09:10



19 June 2008

MERIDIAN PETROLEUM plc

('Meridian' or the 'Company')

Response to Public Censure by the London Stock Exchange

The Board of Meridian Petroleum plc (AIM : MRP; the 'Company') notes that the  London Stock Exchange has today announced a public censure of the Company and the imposition of a £75,000 fine on the Company in respect of breaches of the AIM Rules during the period from August 2004 to February 2007.

The Company has co-operated fully with the AIM Regulation team of the London Stock Exchange in the enquiry into these breaches, and following discussions with AIM Regulation the Company accepted the findings of the investigation and agreed a settlement of a public censure and the fine.

The censure by the London Stock Exchange recognises the co-operative and constructive approach taken by the Company, and the significant changes that the Company has made in its management and governance since the period in question.

Stephen Gutteridge, Chairman, said: "This has closed a difficult chapter in the history of Meridian Petroleum. The Company's board and management have undergone substantial change since the breaches referred to in this public censure took place and standards of governance, procedures, controls and communication have been significantly improved. The Company now has a strong and stable foundation and we have recently announced major new business developments to take the Company forwards.'

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