PPC.L Regulatory News (PPC)

20 Feb 2006 16:16

Meridian Petroleum PLC20 February 2006 20 February 2006 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") RAISES £1M IN PLACING OF NEW SHARES Meridian, the oil & gas exploration and production company with key assets inthe USA and Australia, following the announcement on 17 February, todayannounces the successful completion of an institutional placing of new OrdinaryShares in the Company. Westhouse Securities LLP has placed 7,171,426 new Ordinary Shares at a price of14p per new Ordinary Share with institutional investors, raising approximately£1.0 million before costs. The funds raised will be used to acquire additional properties and to completethe work programme on Orion and Calvin, as well as other existing properties. Application will be made for the new Ordinary Shares to be admitted to AIM anddealings are expected to commence on 27 February 2006. Following the placing,the number of Ordinary Shares in issue will be 71,264,619. Tony Mason, Chief Executive of Meridian Petroleum, said: "I am delighted with the success of the placing and the continued support of ourshareholders. The funds raised will enable us to complete a number of near termprojects, including our recent substantial gas show on the Calvin Field,generating significant additional revenue and cashflow." Enquiries Meridian Petroleum (020 7409 5041)Tony Mason, Chief Executive Westhouse Securities LLP (020 7601 6100)Bill StapleRichard Morrison Citigate Dewe Rogerson (020 7638 9571)Media enquiries: Martin Jackson / George CazenoveAnalyst enquiries: Nina Soon This information is provided by RNS The company news service from the London Stock Exchange