In the Company's Biloxi Marshlands ("BML") project area, drilling has been completed in the initial section of its Eros prospect well, the BML22/SL 17980 #1, with electric logs indicating apparent gas pay present in the well. Operations have been completed to set pipe over the pay section and the well is currently being drilled deeper to test additional prospective sands. Based on initial drilling results and its evaluation, the Company will move the current rig to an adjacent location to test two and possibly three additional prospect opportunities.
Also, in the Biloxi Marshlands project area, the Company has received permit approval for pipeline construction for its previously reported BML No. 19-1 and expects first production before the end of May 2004. The BML No. 19-1 well was recently tested at a gross stabilized flow rate of 9.1 million cubic feet of gas per day. Meridian owns a 92% working interest in the BML No. 19-1 well and pipeline. As previously reported, Meridian continues to develop its Biloxi Marshlands project area and expects to drill 15-20 wells during 2004. Future well sites are currently being permitted.
The Company continues to acquire additional 3-D seismic data in the field and has completed approximately 25% of its most recent 268 square mile 3-D survey at Biloxi. Final deliverables of the new data are expected during May 2004.
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