announces that the Milford 36 well located in the Southern Reef Trend in the Michigan Basin is an important hydrocarbon discovery. The well reached total depth on 19 May 2005 and has since been shut in order for the Company to receive required equipment for optimal completion.
Further to the press release dated 19 May 2005, the log indicates a gross pay
zone of 104 feet and a net pay zone of 84 feet with porosity of between 6 and 9% which is higher than the average for the region. This indicates a significant Niagaran reef and the Company is shooting additional seismic in order to define the precise shape and size of the reef.
Upon completion and interpretation of the seismic coverage Meridian will use a
coiled tubing unit and drill high conductivity perforations in the pay zone.
This technique will enable the Company to penetrate 8-10 feet into the reservoir and therefore optimise recovery and flow rate.
Meridian anticipates that the equipment required will be in place by the end of
August 2005 and the operations outlined above will take several working days to
complete. The current shut-in pressure on the well is high at in excess of 1,600 lbs and the gas tested indicated high BTU pipeline quality gas.
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