Update on Australian Assets

11 Dec 2007 07:01

Meridian Petroleum PLC11 December 2007 11 December 2007 MERIDIAN PETROLEUM PLC ("Meridian" or the "Company") Update on Australian Assets Meridian Petroleum (AIM: MRP) announces that it has signed Heads of Agreement tosell its Australian assets to Eaton Equity Partners (BVI) Limited, a company inwhich Tony Mason, former CEO of Meridian Petroleum, has an interest. Discussions on the detail of the commercial terms are at an early stage but thecurrent proposal is for the consideration to comprise cash up front, deferredconsideration in the form of a secured loan note, and a royalty on any futureproduction from the licenses. The Company is currently engaging advisers toprovide tax, legal and independent valuation advice. Discussions between the parties are expected to continue into the first quarterof 2008 and may or may not lead to a final agreement. - ends - For further information contact: Meridian Petroleum Plc +44 (0) 20 7811 0140 Stephen Gutteridge, Chairman +1 713 599 1611 Ambrian Partners +44 (0) 20 7776 6400 Tim Goodman Parkgreen Communications +44 (0) 20 7851 7480 Simon Robinson Erica Nelson This information is provided by RNS The company news service from the London Stock Exchange