PPC.L Regulatory News (PPC)

7 Jan 2008 07:01

Meridian Petroleum PLC07 January 2008 7 January 2008 MERIDIAN PETROLEUM PLC ("Meridian" or the "Company") Calvin Field Update Meridian Petroleum (AIM: MRP) announces an update on its Calvin Field project inLouisiana, USA. At its interim results in September 2007, the Company announced that it was indiscussion with EnSight, its joint venture partner in the Calvin Field, to plana re-entry of the 5-29 well to assess the reserves and production potential ofthe Terryville A and B sands. The Company has also had further discussions withEnSight regarding the development timetable for the high-pressure resources atCalvin Deep. As a result of these discussions, Meridian has submitted a written request toEnSight asking that they re-assign their 35% working interest back to Meridianand that the joint venture between EnSight and Meridian be dissolved. The Company will notify shareholders once confirmation of agreement from EnSighthas been received. Upon receipt of this confirmation full ownership of the 70%net working interest at the Calvin Field will revert to Meridian, and EnSightwill no longer hold any interest in the Calvin Field project. This agreement has no effect on the Company's plans for the re-entry of the 5-29well during the first half of 2008, as EnSight had previously indicated thatthey were unlikely to participate in that well.. The timetable for any development activity on Calvin Deep has not yet beenconfirmed due to the potential for a high cost of drilling, so the Company iswell-placed to allow for further consideration of the options for this project.The option to take on a new joint venture partner is amongst those underconsideration. Stephen Gutteridge, Chairman of Meridian Petroleum, said: "We will continue with our plans for the 5-29 well, and once we haveconfirmation that we have regained full control over the rest of the CalvinField we will evaluate the options for moving forward with the high pressureresources. This may include finding a more appropriate partner or operator." - 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