PPC.L Regulatory News (PPC)

14 May 2007 07:01

Meridian Petroleum PLC14 May 2007 14 May 2007 Meridian Petroleum plc ('Meridian' or the 'Company') Calvin Field Update Meridian Petroleum, the oil and gas exploration and production company with keyassets in the USA and Australia announces that its Calvin 36 #1 well located inthe Calvin Field, Winn Parish, Louisiana has undergone treatment to prepare itfor gas production. On Tuesday 8 May the well was treated with a nitrogen wash to remove anypotential obstructions to gas flow in and around the area of the slottedliner by the producing zone within the well bore. The treatment was successfuland some residue was removed from the producing zone area. Additionally, theresulting gas pressure build up and flow back post the removal of the Nitrogenwas satisfactory for commercial production purposes. On Wednesday 9 May a swabbing unit was used to remove fluid from the well bore,including the water previously used to "kill" the well. Again, the resultingpressure build and flow back of gas from the reservoir were found to besatisfactory for commercial production purposes, and there appeared to have beenno additional water ingress moving into the well bore. Swabbing was completed on Thursday 10 May with no additional fluids beingrecovered. Given the satisfactory nature of the gas pressure build up andprospective flow rate, the Company is now in the process of finalizingarrangements with Smith Operating of Shreveport, Louisiana to tie the well intothe local Calvin Field gas processing and transportation system. The gas contains approximately 10.187% CO2 and so must be processed in order toremove the CO2 before it can be sold into the grid. The Calvin Field gasprocessing and transportation system includes a CO2 knockout facility, and sowill provide the quickest and most efficient processing of the gas and removalof the CO2. Tony Mason, Chief Executive Officer stated, "The final steps towards gettingCalvin 36 #1 into production are now in place, and we are on target to meet ourstated goal of production in the second quarter of 2007. Our next challenge isto exploit the gas in the deeper zones of the Calvin Field." Art Davis of the West Mountain Operating Company in Longview, Texas meets thecriteria of a qualified person under the AIM guidance note for mining, oil andgas companies, and has reviewed and approved the technical information containedin this announcement with respect to Calvin 36 #1. Ends For further information contact: Meridian Petroleum PLC Ambrian Partners Parkgreen CommunicationsTony Mason Neil Maclachlan Victoria Thomas+44 (0)20 7409 7233 +44 (0)20 7776 6400 +44 (0)20 7851 7480 Notes to Editors About Meridian Meridian is an oil and gas exploration and production company with key on-shoreassets in the United States and Australia. Meridian is quoted on the AIM marketof the London Stock Exchange (ticker: MRP), and is headquartered in London, withoffices in Houston, Texas and Adelaide, Australia. This information is provided by RNS The company news service from the London Stock Exchange