The log indicates a gross pay zone of 104 feet and a net pay zone of 84 feet with porosity of between 6 and 9% which is higher than the average for the region. This indicates a significant Niagaran reef and the Company is shooting additional seismic in order to define the precise shape and size of the reef.
Upon completion and interpretation of the seismic coverage Meridian will use a coiled tubing unit and drill high conductivity perforations in the pay zone. This technique will enable the Company to penetrate 8-10 feet into the reservoir and therefore optimize recovery and flow rate.
Meridian anticipates that the equipment required will be in place by the end of August 2005 and the operations outlined above will take several working days to complete. The current shut-in pressure on the well is high at in excess of 1,600 lbs and the gas tested indicated high BTU pipeline quality gas.
The Company will also be conducting some additional work on its Emery Hudson well in mid to late August.
Tony Mason, Chief Executive, Meridian Petroleum, commented:
"Milford is an important hydrocarbon discovery and by taking this technical approach, we will be able to optimize reservoir performance and maximize the economic potential of this excellent asset."
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