PPC.L Regulatory News (PPC)

19 Dec 2006 14:48

Meridian Petroleum PLC19 December 2006 For immediate release 19 December 2006 MERIDIAN PETROLEUM PLC ('Meridian' or 'the Company') PLACING OF NEW SHARES TO RAISE £1.25 MILLION Meridian Petroleum, the oil and gas exploration and production company with keyassets in the USA and Australia, today announces the successful completion of aninstitutional placing of new Ordinary Shares in the Company. Ambrian Partners has placed 6,944,444 new Ordinary Shares at a price of 18p pernew Ordinary Share with institutional investors, raising £1.25 million beforecosts. The funds raised will be used to complete the work programme on the developmentof the Calvin Field with work scheduled on the 36 #1 well in January and a fullfield development study due to be implemented in January to develop both thedeep and shallow rights. The Company is finalising a lease acquisition of 2additional lease blocks in excess of 2,000 acres in the Calvin Field which willadd additional reserves to the asset base. Additionally, the Company is due to drill the Orion well in Michigan with workcommencing in January. Further lease work will also go ahead on the CBM projectin the Warrior Basin in Alabama and the finalisation of the Australian NativeTitle agreement for the Dolores resource is anticipated in early 2007. Application has been made for the new Ordinary Shares to be admitted to AIM anddealings are expected to commence on 20 December 2006. Following the placing,the number of Ordinary Shares in issue will be 79,649,063. The new OrdinaryShares will be issued under the existing authorities granted to the Directors. Tony Mason, Chief Executive of Meridian Petroleum, said: 'This fundraisingenables us to accelerate the work on the Calvin field and other projects. Withnext month's development study we will be able to assess the full scale of thedeep and shallow reserves at Calvin and plan a drilling programme accordingly.' Ends For further information contact: Meridian Petroleum PLC Ambrian Partners Parkgreen CommunicationsTony Mason Neil Maclachlan Victoria Thomas Richard Brown+44 (0) 20 7409 5040 +44 (0)20 7776 6400 +44 (0)20 7493 3713 Notes to Editors About Meridian Meridian is an oil and gas exploration and production company with key assets inthe United States and Australia. Meridian is quoted on the AIM market of theLondon 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