Victory 1-21 (is it another disaster?)

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Sector   EQUITY INVESTMENT INSTRUMENTS   Mkt.Sector   AIM   Mkt.Segment   AIM   Turnover   12.35   Profit   1.90   Norm EPS   10.19   PE Ratio   6.28   Market cap   9.01   NMS   -

News

17/11/09 18:15 UKREG 03/11/09 13:50 UKREG 02/11/09 17:22 UKREG 02/11/09 16:10 UKREG 30/10/09 07:00 UKREG 30/10/09 07:00 UKREG

22 August 2005


announced that it has acquired a 10% Working Interest in the Victory 21 well located in Mason County Michigan. Victory 21 is a producing well, with gas production coming from an upper formation. As a result of a detailed regional and seismic analysis it is believed that the current producing zone is directly above a significant Niagaran reef of between 2 to 3 BCF in size. It is therefore planned to deepen the existing well in October in order to penetrate this Niagara reef and
therefore enhance production. Meridian is currently negotiating with the other
owners to increase the level of its Working Interest to above 10%.


Tony Mason, Chief Executive of Meridian, commented:

'The acquisition of the Victory 21 working interest and the additional interest
in Emery Hudson underline our strategy of well priced and prudent investments.
Equally, the timing of both will enable the company to capitalize on increased
winter demand and the projected higher gas price scenario envisaged in peak draw
down season'.





30 Sept 2005



The acquisition of a small, 10% NRI in the producing well, Victory 21, will
result in a deepening of that well later this year. At the time of writing no
dates are set for this well deepening but it is anticipated to take place within
the next 90 to 120 days.




13 March 2006


Victory 1-21 (10% WI)

Work on deepening the well commenced on Monday, 6 March 2006 and is proceeding as per the initial schedule outlined in the Authority for Financial Expenditure ('AFE'). The only restrictions are the Frost Laws1, currently in place in certain Michigan counties, which restrict the movement of heavy equipment.





4 April 2006



announced that the Victory 1-21 production well (10% WI) has been successfully deepened in order to further penetrate a Niagaran reef.

Using a coiled tubing unit and conventional work over rig, Total Depth was
reached at 4,394 feet and gas communication was made between 4,161 feet and
4,192 feet, an increase of approximately 31 feet in net pay. The well was
treated with acid to stimulate flow and is currently being swabbed to remove
remaining acid from the well bore following which the well will be put back on
line this week. It is anticipated that enhanced production rates will be gained
from the additional pay sections in the reservoir.

Anthony Mason, Chief Executive of Meridian said:

'The successful deepening of Victory 1-21 is good news for Meridian. The well
will be back on line this week, following which Meridian will resume receiving
income from Victory 1-21. We are now looking forward to the imminent completion
on Calvin 36.'





27 April 2006



Victory 1-21 (10% WI)

As a result of the completion and acidization of the well, fluid is currently
being removed from the well bore. However, the well is continuing to produce
gas at the rate of 150 - 250 mcfgpd during this process. The removal of this
fluid is expected to take between 30-45 days following which it is anticipated
that production will rise to approximately 1 mmcfpd. The well deepening enabled
an additional 31 feet of net pay to be exposed. The well is on line and tied in
to the local system.





1 Aug 2006


Production is on-going at Victory 1-21 and all development plans are on track





8 Sept 2006



Victory 1-21, Mason County, Michigan

The well was deepened in early Spring 2006 and additional pay added. The well is
currently in limited production and it is anticipated that the production levels
will rise as progress on de-watering the well bore continues.