PPC.L Regulatory News (PPC)

19 May 2005 14:07

Meridian Petroleum PLC19 May 2005 19 May 2005 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Hydrocarbon Discovery on Milford 36, Michigan Basin Meridian Petroleum, the oil & gas exploration and production company with keyassets in the USA and Australia, today announced that the Milford 36 explorationwell located on the prolific Southern Reef Trend in the Michigan Basin, OaklandCounty, Michigan, USA has reached the target depth of 3,960 feet and hasdiscovered hydrocarbons. Meridian has a 25% working interest in the field. Well logs indicate a gross pay of 94 feet with a net pay of 71 feet.Permeability averages approximately 6%. Casing on Milford 36 is now being set. Meridian will shortly conduct perforationtesting and flow testing of the Milford 36 well. The exact size of the Niagaranreef and reserve potential will be determined during this well testing phase. The exploration rig will now be moved to drill the Brighton 36 which is expectedto spud shortly. Further information will be announced in due course. Tony Mason, Chief Executive, Meridian Petroleum, said: "We are delighted by the result and the initial log interpretations indicatethat this should be a commercial discovery. We are now moving the rig over toBrighton 36 which we will spud as soon as possible." Enquiries: Meridian Petroleum PLC (020 7409 5041)Tony Mason, Chief ExecutivePeter Fleming, Director of Finance Westhouse Securities LLP (020 7601 6100)Bill StapleRichard Morrison Citigate Dewe Rogerson (020 7638 9571)Press: Martin Jackson / George CazenoveAnalyst: Nina Soon This information is provided by RNS The company news service from the London Stock Exchange