PPC.L Regulatory News (PPC)

24 Jan 2006 07:00

Meridian Petroleum PLC24 January 2006 24 January 2006 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Calvin 36-1 well achieves commercial flow rate on open hole test Meridian Petroleum, the oil & gas company with key assets in the USA andAustralia, is pleased to announce that the Calvin 36-1 well on the Calvin Field,Winn Parish Louisiana (80% WI), reached a Total Depth of 8,512 feet on 20January 2006. A substantial gas show resulted and commercial flow rates of upto 1mmcf/pd were encountered using a 25/64 inch choke. Both down hole pressurerates and well head pressure rates were highly satisfactory. The initialcompletion and flow test were open hole with no casing string. As such, higherflow rates are anticipated from the completed well with a smaller choke. Theproduction pattern in this field, and from this formation, is that wellsgenerally start at modest production levels and build up over time. The Louisiana State gas flare ban meant that gas was produced into a frac tankon location. The pressures encountered were such that, with due regard forsafety, the well was shut in immediately after completion of the flow test.Previous gas tests in this zone have indicated pipeline quality gas with a highcondensate content. Plans are now moving forward to get the well completed andon line as soon as possible. A pipeline runs through the location approximately100 yards from the well head to the Calvin field dehydration and processingfacility. Given the overall potential in the Calvin Field, Meridian will be conductingfurther exploratory work in the Rodessa Zone and then, once these are secured,in the undrilled deeper zones which are expected to be highly prolific. Theappropriate steps are underway to secure these interests. Anthony Mason, Chief Executive of Meridian said: "Calvin 36-1 is a significant onshore hydrocarbon discovery and we expect to addto this success in other areas as the year progresses. We are also lookingforward to bringing our other near production assets on line soon." Enquiries: Meridian Petroleum (020 7409 5041)Tony Mason, Chief Executive Citigate Dewe Rogerson (020 7638 9571)Media: Martin Jackson / George CazenoveAnalysts: Nina Soon This information is provided by RNS The company news service from the London Stock Exchange