PPC.L Regulatory News (PPC)

11 Jan 2008 07:01

Meridian Petroleum PLC11 January 2008 MERIDIAN PETROLEUM PLC ("Meridian" or the "Company") Calvin Field Joint Venture Update Meridian Petroleum (AIM: MRP) announces an update on its joint venture at itsCalvin Field project in Louisiana, USA. On 7 January 2008 the Company announced that it had formally requested thatEnSight, the Company's joint venture partner on its Calvin Field project,re-assign its 35% working interest in the Calvin Deep prospects back to MeridianPetroleum. The Company can now confirm that it has received written confirmation fromEnSight that they will re-assign this interest with immediate effect. Meridianhas now regained full ownership of its original 70% net working interest in theCalvin Field at no cost to the Company, and EnSight are no longer involved inthe project. Stephen Gutteridge, Chairman of Meridian Petroleum, said: "As previously announced, we are reviewing our approach to the development ofthe Calvin Field and this revision of the ownership position is helpful to thisprocess. We expect to provide further information on this review in due course." - ends - For further information contact: Meridian Petroleum PlcStephen Gutteridge, Chairman+44 (0) 20 7811 0140 Ambrian PartnersTim Goodman+44 (0) 20 7776 6400 Parkgreen CommunicationsSimon RobinsonErica Nelson+44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange