PPC.L Regulatory News (PPC)

18 Oct 2007 07:01

Meridian Petroleum PLC18 October 2007 18 October 2007 Meridian Petroleum plc ("Meridian" or "the Company") Changes to Board Structure Meridian Petroleum (AIM: MRP) announces the following changes to its Boardstructure. Anthony Mason has resigned from his position as Chief Executive andas a Director of the Company, effective immediately. Stephen Gutteridge, theCompany's current Chairman, has been appointed Executive Chairman by the board. Background to the changes The Company is in the final stages of recruiting a Chief Operating Officer torun the US business and has been actively working towards a sale or farm-out ofits Australian assets. The Company intends to concentrate its resources anddevelopment plans on its strong portfolio of US assets. Mr Mason will remain as an employee of the Company until 31 Dec 2007, to assistwith the handover to the incoming COO and to help develop the best value optionfor the sale or farm-out of the Company's Australian assets. Steve Gutteridge, Chairman, said: "Tony has done a fine job in assembling avaluable portfolio of assets for Meridian, and in successfully bringing theOrion 36 well into production. Our business is currently performing well,underpinned by the strong cash flow of the Orion 36 well, and the Board thanksTony for his contribution in getting us this far." Ends For further information contact: Meridian Petroleum Plc Ambrian Partners Parkgreen CommunicationsStephen Gutteridge, Tim Goodman Simon RobinsonChairman Richard Greenfield Erica Nelson+44 (0) 20 7811 0140 +44 (0) 20 7776 6400 +44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange