The Company will begin mobilization of the drilling rig from the BML22/SL 17980 #1 well to its next location in the BML project area within the next seven days. It is anticipated that the Ducros et al No. 32-1 well on the Apollo prospect will spud at that time and will be drilled to a total depth of approximately 12,500 feet MD. Drilling operations on the well are expected to take approximately 30 days and the Company holds a 92% working interest in the well.
The Company expects to have a second drilling rig working in the BML project area beginning in May 2004. As previously reported Meridian continues to develop its Biloxi Marshlands project area and expects to drill 15-20 wells during 2004.
Also, in the Biloxi Marshlands project area, the construction of pipeline and facility tie-ins for the previously reported BML No. 19-1 have begun and the Company expects to place the well on production within 7 days. 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.
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