PPC.L Regulatory News (PPC)

11 Oct 2006 16:51

Meridian Petroleum PLC11 October 2006 11 October 2006 (AIM: MRP) MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Statement re price movement Meridian Petroleum Plc, the gas and oil production and exploration company withassets in the US and Australia, notes the recent movement in its share price.The Board takes the opportunity to update shareholders as follows: Australia, Native Title for the Dolores Prospect. As noted in the interimresults announcement, the Company is working diligently with our AustralianSolicitors in Adelaide to finalise the above matter. The agreement betweenMeridian and the Indigenous people is now with the South Australian Governmentfor final approval which is anticipated shortly. Calvin Field; An agreement in principle has been reached with a substantialregional E & P Company and Meridian is at present working with our Louisianacounsel to finalise a legal structure for a joint venture. The outline termswould be a 50-50 joint venture on both the shallow and deep rights in theacreage owned by Meridian in the Calvin Field to include the Lower Cotton ValleyTroy Lime formation. A detailed field development study would be the likelystarting point and the plan would be to develop the field in a logical costeffective manner, exploiting all zones as appropriate. Initial work would takeplace this year. At this point there is no legally binding agreement for any ofthe parties to progress this early stage agreement. Coal Bed Methane, Warrior Basin; The Company has completed the leasing of aninitial pilot project acreage of some 4,000 acres. Meridian remains in detaileddiscussions with a major land owner and once it has completed satisfactorygeological due diligence, expected to be in the next 8 weeks, the Company willenter into negotiations to define a joint venture structure for the productionof CBM. As progress continues in developing its projects, Meridian is also looking intosources of future financing of this expansion and has commenced early stagediscussions in this regard. A further announcement will be made in due course. Ends For further information contact: Meridian Petroleum Plc Ambrian Partners Parkgreen CommunicationsTony Mason Neil Maclachlan /Richard Brown Simon Robinson / Victoria Thomas00 1 713-599-1611 +44 (0) 20 7776 6400 +44 (0) 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange