PPC.L Regulatory News (PPC)

8 Dec 2006 17:35

Meridian Petroleum PLC08 December 2006 8 December 2006 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") Statement re price movement Meridian Petroleum PLC(AIM : MRP), the gas and oil production and explorationcompany with assets in the US and Australia, notes the recent movement in itsshare price. The Board announced on 11 October an update on activity and that as progresscontinues in developing its projects, Meridian was also looking into sources offuture financing of this expansion. Since that date the Company has announced the appointment of two directors,agreement of native title in Australia, a joint venture agreement with Ensightand a positive update to progress in the Calvin field. Additionally, a researchreport on Meridian was issued by our brokers, Ambrian Partners last week to itsinstitutional clients. Meridian also plans to update the market with further developments on itsprojects before the year end. To secure interim funding (until the quantum andtiming of the expansion financing is clearer) a small issue of equity is beingcontemplated by the Company. Discussions regarding a private placement withpotential investors have been initiated today to gauge appetite and the pricingthereof. A further announcement will be made at the conclusion of thesediscussions. Ends For further information contact: Meridian Petroleum PLC Ambrian Partners Parkgreen CommunicationsTony Mason Neil Maclachlan Simon Robinson Richard Brown Victoria Thomas+44 (0) 20 7409 5040 +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