MRP Meridian Pet. (See LSE:PPC)

 

TIDMMRP 
 
RNS Number : 7199A 
Meridian Petroleum PLC 
14 October 2009 
 

Wednesday 14 October 2009 
 
 
MERIDIAN PETROLEUM plc 
("Meridian" or "the Company") 
 
 
Operations Update 
 
 
Work programme at East Lake Verret successfully completed 
 
 
Meridian Petroleum (AIM : MRP), the oil and gas exploration and production 
company with producing assets in the USA and exploration licences in Australia, 
announces an  update on operations in the USA. 
 
 
East Lake Verret Field ("ELV"), Louisiana, USA 
 
 
The planned work programme at ELV involving well work-overs and changes to the 
production streams has been successfully concluded, and all wells are now back 
on-stream ahead of schedule. 
 
 
The work-over of the Kafoury 2 well has been particularly successful. This is 
the largest producing well in the field and, following the clean-up and 
re-perforation work, it has been steadily eased up to a gross production level 
of 3.5 mmcfd of natural gas and just under 70 bbls/day of oil. The well is no 
longer producing water and production levels will be gently increased over the 
next few weeks. 
 
 
Both the McKerall 1 and 2 wells are now producing at expected levels using the 
compressor facilities available centrally at the field. 
 
 
Gross oil production from all six wells is now back to levels last seen in 
April/May, whilst production of natural gas has been restored to July levels 
even with the Kafoury 2 well on controlled flow-rates. 
 
 
Production 
 
 
Production from ELV in September was affected by the work programme and 
associated shut-ins. Net natural gas production was 10.7 mmcf and net oil 
production was 1,023 bbls. Over the first eleven days of October net production 
was 8.9 mmcf of natural gas and 469 bbls of oil. The combined average daily rate 
of production was 93 barrels of oil equivalent per day ("boepd") in September 
and 178 boepd in October to date. 
 
 
The average oil price received for ELV production in September was US$65.19/bbl 
and the estimated price received for natural gas was just under US$3.00/mcf. 
 
 
Hedging 
 
 
The Company's hedging contracts delivered cash gains of US$118,500 in September. 
 
 
For further information contact: 
 
 
+-------------------------------------------+-------------------------------+ 
| Meridian Petroleum                        |          +44 (0) 207 811 0140 | 
+-------------------------------------------+-------------------------------+ 
| Stephen Gutteridge, Chairman              |                               | 
+-------------------------------------------+-------------------------------+ 
|                                           |                               | 
+-------------------------------------------+-------------------------------+ 
| Evolution Securities                      |          +44 (0) 207 071 4300 | 
+-------------------------------------------+-------------------------------+ 
| Robert Collins, Adam James, Tim Redfern   |                               | 
+-------------------------------------------+-------------------------------+ 
|                                           |                               | 
+-------------------------------------------+-------------------------------+ 
| Financial Dynamics                        |          +44 (0) 207 831 3113 | 
+-------------------------------------------+-------------------------------+ 
| Ben Brewerton/Ed Westropp                 |                               | 
+-------------------------------------------+-------------------------------+ 
 
 
Ed Childers, the Company's Chief Operating Officer, who meets the criteria of a 
qualified person under the AIM guidance note for mining and oil and gas 
companies, has reviewed and approved the technical information contained in this 
announcement. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCQXLFFKBBZFBL 
 

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