The Meridian Resource
Corporation announced initial production test results
on its SL 18315 No. 1 well on its String of Pearls prospect in the
Biloxi Marshlands ("BML") project area. The SL 18315 No. 1 well was
drilled to 6,150 feet measured depth ("MD") and logged gas pay in the
Basal Deltaic sand section. The well was tested through five feet of
perforations between 5,883 feet and 5,888 feet MD at a stabilized
gross daily flow rate of approximately 6.2 million cubic feet of gas
("Mmcf"). Flowing tubing pressure was measured at 2,114 psi through a
22/64th-inch choke and shut in tubing pressure was measured at 2,398
psi. Production from the well will require construction of a pipeline
and production facility tie-ins, which the Company expects to have
completed during the second quarter of 2005. The Company owns a 92%
working interest in the well.
The drilling rig utilized to drill the String of Pearls well has
been mobilized to the Company's Pan prospect to drill the SL 18157 No.
1 well. The well will be drilled to a total measured depth of
approximately 9,000 feet MD to test an amplitude anomaly in the Cris
"I" sand section.
Meridian continues to focus on its exploration and exploitation of
the BML project area in addition to the development of its Weeks
Island field and its other properties which comprise an asset base
consisting of approximately 8,000 square miles of 3-D seismic data.