PPC.L Regulatory News (PPC)

15 Nov 2006 07:02

Meridian Petroleum PLC15 November 2006 15th November 2006 Meridian Petroleum plc ("Meridian" or the "Company") Calvin Field Update Meridian Petroleum plc (AIM: MRP) the oil and gas exploration and productioncompany with assets in the United States and Australia, announces that work hascommenced on the Calvin 36 #1 well at the Company's Calvin field asset inLouisiana. The well at Calvin 36 #1 has been re-entered, cleaned and expanded in order toaccommodate a slotted liner, which will be cemented in place. Once this iscomplete, the Company will then perforate the production zone in the Sligo Petitformation at a depth of 8,423 feet and commence production testing. The Company and joint venture partner Ensight Partners III are in the process ofacquiring additional acreage in the Calvin Field from Petro-Hunt LLC, theindependent energy group, and are in the process of executing an additionallease for blocks 25 and 29 in the Calvin Field. Once finalised, this willincrease the Company's overall acreage to over 4,000 acres with the potential toadd additional reserves, which will be reviewed by ECL Scott Pickford inDecember as part of the audit process. Discussions with Denberry Resources have begun over a potentialthree-dimensional seismic shoot to cover a large portion of the Company'sacreage at the Hustler Field area in Mississippi, where the Company hasapproximately 2,000 acres under lease. The objective of the seismic shoot wouldbe to further identify the Lower Tuscaloosa sand channels, which the companyoriginally identified via interpretation of the two-dimensional seismic datathat was acquired prior to the purchase of the leases. Tony Mason, CEO, Meridian said, "We are enthusiastic about the development atCalvin to date and are looking to increase our acreage. It is testament to thestrength of our JV with Ensight that work has begun so quickly following thesigning of the JV earlier this month. We look forward to be able to update themarket with further developments at Calvin." Ends For further information contact:Meridian Petroleum Plc Ambrian Partners Parkgreen CommunicationsTony Mason Neil MacLachlan Simon Robinson Richard Brown Victoria Thomas00 1 713-599-1611 +44 (0) 20 7776 6400 +44 (0) 20 7493 3713 Notes to Editors About Meridian Meridian is an oil and gas exploration and production company with key assets inthe United States and Australia. Meridian is quoted on the AIM market of theLondon 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