PPC.L Regulatory News (PPC)

11 Sep 2007 08:00

Meridian Petroleum PLC11 September 2007 11 September 2007 AIM: MRP Meridian Petroleum ("Meridian" or the "Company") Operations Update - Orion 36 Well Resumes Production Meridian Petroleum (AIM: MRP), the independent oil and gas exploration andproduction company with key assets in the USA and Australia announces an updateon the status of its Orion 36 well. As previously announced, the Company took the Orion 36 well off-line on Thursday6 September 2007 to deal with problems caused by small traces of mercaptans inthe gas stream. The major part of the work required to install the filter equipment andrecalibrate the monitoring systems was completed within 24 hours and the wellwas brought back on-line early on Friday 7th September. During the shut-downfull conventional perforation of the reservoir was completed as planned, but dueto equipment problems the explosive perforation of the reservoir was onlypartially completed. Over the weekend the well produced gas at an average of around 2.5mmcfd as itcleaned up, with an encouraging build-up in tubing pressure. The well was briefly taken off-line yesterday, Monday 10 September 2007, tofinalise work on the filter but is currently back on-line and building upproduction. Stephen Gutteridge, Chairman, said "We have successfully minimised the downtimecaused by the mercaptan problem and we have maintained good levels of productionand cash generation throughout this period, although it has delayed our build-uptowards full capacity. We may decide to complete the explosive perforationprogramme as originally planned, but will let the well flow for a few daysbefore making a decision." John Randell, who works for Wellmaster, Inc., is an independent contractor who meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement with respect to Orion. Ends For further information contact: Meridian Petroleum Plc Ambrian Partners Parkgreen Communications Stephen Gutteridge, Chairman Tim Goodman Simon Robinson +44 (0) 20 7811 0140 Richard Greenfield Erica Nelson +44 (0) 20 7776 6400 +44 (0) 20 7851 7480 Tony Mason, CEO +1 713 599 1611 About Meridian Meridian is an oil and gas exploration and production company with key on-shoreassets in the United States and Australia. Meridian is quoted on the AIM marketof the London Stock Exchange (ticker: MRP), and is headquartered in London, withoffices in Houston, Texas and Adelaide, Australia. This information is provided by RNS The company news service from the London Stock Exchange