The Orion 36 well ( MRP 75% net revenue interest) located in Oakland County, Michigan was flow tested on Monday 19th February. The Shut in Tubing Pressure (SITP) was approximately 1,360 pounds per square inch (PSI), and the well flowed in excess of three hours on a 2 7/8 inch choke at a flowing tubing pressure of approximately 1,350 PSI. This would indicate a potential flow rate in excess of 3-4 million cubic feet per day (mmcfpd).
A bomb was dropped to gather Bottom Hole Pressure (BHP) data. It is anticipated that, based on flow data and reservoir response thus far, the data collected will be much the same as that for the original Fons and Jacobs wells. Comprehensive BHP data is expected by the end of the week.
Based on all the data gathered to date, this well is considered by the Board of Meridian to be likely to perform significantly in excess of Directors' expectations. Work will commence shortly on the construction of the hydrogen sulfide (H2S) removal system and the direct tie into the CMS Energy-operated pipeline adjacent to the well site.
Calvin 36 # 1
The Calvin 36 # 1 well (MRP 68.75% NRI) was perforated in the Sligo Petit zone on Friday 16th February. The well was duly swabbed on Monday 19th February to remove any fluid or obstruction from the well bore. The resulting rise in SITP, and the gas kick experienced upon perforation, are highly encouraging.
The Sligo Petit formation is a large low-pressure formation that generally improves, in terms of flow rate, as the well continues to produce. Thus far, the well has performed in line with Directors' expectations for this formation. A further brief examination will be conducted to determine if this individual well will require any additional reservoir stimulation and, additionally, plans are moving ahead to hook the well into the existing gathering and processing system located in the Calvin Field.
It is anticipated that work will commence within the next 30 days on the Milford 36 well (MRP 25% NRI) located in Livingston County, Michigan, and is likely to take the form of an explosive perforation designed to penetrate 15 to 20 feet on all sides of the existing well bore, within the optimal portion of the producing formation. The Company will be contracting directly with Advanced Propellants of Shreveport, Louisiana.
Additionally, the Company is also likely to acquire additional working interest in this well within the next 30 days. The well has in excess of 100 feet of potential pay zone with reasonable permeability and porosity. Given the Dolomitic nature of the formation, this ballistic approach is considered by the Board of Meridian to likely to give desirable results.
The Milford 36 well is adjacent to an existing pipeline and the hook-up is unlikely to pose any major issues.
Tony Mason, Chief Executive Officer stated, "We are very pleased to provide the market with an operational update of our US projects. We are very positive with the results from the 2007 work program to date and look forward to providing continual updates on our activities."
Meridian is an oil and gas exploration and production company with key on-shore assets in the United States and Australia.
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