Meridian Petroleum PLC : Onwards into 2007/2008

20 July 2004


Meridian Petroleum plc today announced that the 27B well, on the Emery Hudson licence, is now hooked up to Mark West Energy's Basin Pipeline System and producing at a stable rate of 4 million standard cubic feet of gas per day. In addition, 27B is also producing approximately 60 barrels of condensate per day and associated propane. Gas from the Emery Hudson reservoir has a high BTU value and as such commands a premium of approximately 10% to the benchmark US natural gas spot price, NYMEX Henry-hub, which as at 16 July was US$5.887 per million BTU.

Emery Hudson is a proven gas and condensate accumulation situated near Lake Michigan in the USA, in which Meridian has a 50% working interest and a 38.25% net revenue interest. The operator is Wellmaster Production Company, an
established operator in the region. Meridian's working interest share of proved and probable reserves is estimated at 2.6 billion cubic feet of gas and 33,800 barrels of condensate.