PPC.L Regulatory News (PPC)

4 Feb 2008 07:01

Meridian Petroleum PLC04 February 2008 4 February 2008 MERIDIAN PETROLEUM PLC ("Meridian" or the "Company") Production Records Set at Orion Field Meridian Petroleum (AIM: MRP) announces that its Orion 36 well in Michigan, USA,in which it has a 75% Net Revenue Interest (NRI), has set new monthly productionrecords in January 2008. The well produced over 110mmcf of gas in the month at an average rate (excludingdowntime) of 3.55mmcfd. Peak daily flow rate was 3.95mmcfd on 24 January.Well-head pressure continues to be maintained at over 800psi. Production of Natural Gas Liquids (NGL) also hit a new record in January withover 1600bbls being produced at an average of 53bbls per day. Despite difficult weather conditions in Michigan during the month, the well wasonline every day with total downtime during the whole month of less than 24hours, an exceptional operating performance for the time of year in thislocation. During February the Company plans to undertake the second change-out of theSulfatreat material. The Company is pleased with the steps taken at the end oflast year to extend the life of the Sulfatreat, and the well has producedsignificantly over 200mmcf since the last change-out. The Company also plans to undertake additional work on the well itself. Thiswork, which will involve further flow and pressure tests, is likely to becarried out within the next 6 weeks. The results will be passed to the MichiganRegulatory Authorities and will help inform their decision on future allowableproduction levels. RPS Scott Pickford, the Company's independent reserves consultants, arecurrently assessing the production data from the Orion 36 well and updatedreserves figures will be available at the time of the Company's annual resultsannouncement in April. Stephen Gutteridge, Chairman, said: "The strong performance of the Orion 36 well in January is excellent news forthe Company and its shareholders and the prolonged life of the Sulfatreat willhelp control our costs. There will be some downtime in February and March as weundertake the next Sulfatreat change and some extra work on the well, but theexcellent performance history gives us confidence that we will be capable ofproducing the reserves at a faster rate than initially expected." Ed Childers, the Company's Chief Operating Officer, who meets the criteria of aqualified person under the AIM guidance note for mining, oil and gas companies,has reviewed and approved the technical information contained in thisannouncement. - 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