PPC.L Regulatory News (PPC)

4 Apr 2006 07:01

Meridian Petroleum PLC04 April 2006 MERIDIAN PETROLEUM PLC ("Meridian" or "the Company") VICTORY 1-21 SUCCESSFULLY COMPLETED Meridian, the oil & gas exploration and production company with key assets inthe USA and Australia today announced that the Victory 1-21 production well (10%WI) has been successfully deepened in order to further penetrate a Niagaranreef. Using a coiled tubing unit and conventional work over rig, Total Depth wasreached at 4,394 feet and gas communication was made between 4,161 feet and4,192 feet, an increase of approximately 31 feet in net pay. The well wastreated with acid to stimulate flow and is currently being swabbed to removeremaining acid from the well bore following which the well will be put back online this week. It is anticipated that enhanced production rates will be gainedfrom the additional pay sections in the reservoir. Anthony Mason, Chief Executive of Meridian said: "The successful deepening of Victory 1-21 is good news for Meridian. The wellwill be back on line this week, following which Meridian will resume receivingincome from Victory 1-21. We are now looking forward to the imminent completionon Calvin 36." Don Caldwell, a certified petroleum geologist, is the Company's Qualified Personand has reviewed the information in this announcement. Enquiries: Meridian Petroleum (020 7409 5041)Tony Mason, Chief Executive Westhouse Securities (020 7601 6100)Richard 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