PPC.L Regulatory News (PPC)

6 May 2008 10:38

Meridian Petroleum PLC06 May 2008 6 May 2008 MERIDIAN PETROLEUM plc ("Meridian" or the "Company") Production Update Meridian Petroleum (AIM: MRP), the US-focused oil and gas exploration andproduction company, announces an update on production at its Orion 36 well inMichigan, USA. Monthly production for April totalled 107mmcf at an average daily rate (allowingfor downtime) of 3.98mmcfd. Production of natural gas liquids during the monthwas just under 1400bbls. The well was acidised in late April and flowing well-head pressure immediatelybuilt up strongly to over 900psi, which is comfortably higher than the levelprior to acidisation. Production rates in early May have also increased to anaverage of 4.30mmcfd over the first 4 days. Once again operational performance was excellent. Even with the acidisation anda Sulfatreat change-out during the month, total downtime in April was less than4 days. US energy prices continued to rise throughout April and by the end of the month,the company was receiving a sales price of over $11.50 per mcf of gas produced. Stephen Gutteridge, Chairman, said: "Following an excellent production level in the first quarter, we have nowsuccessfully completed two major operational tasks in April and the pressure andproduction build-up in early May is encouraging. We shall be putting a case tothe Michigan Authorities for an increase in our current 4mmcfd allowableproduction level." Ed Childers, the Company's Chief Operating Officer, who meets the criteria of aqualified person under the AIM guidance note for mining and oil and gascompanies, has reviewed and approved the technical information contained in thisannouncement. - ends - For further information contact: Meridian Petroleum Plc Stephen Gutteridge, Chairman +44 (0) 20 7811 0140 Ambrian Partners Tim Goodman +44 (0) 20 7634 4711 Parkgreen Communications Erica Nelson +44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange