The Biloxi Marshlands No. 6-1, Meridian's first well in this prospect area, continues to produce at a rate of approximately 11.7 million cubic feet of gas per day with 3,000 psi FTP.
The Company expects to begin drilling the Biloxi Marshlands No. 7-1 immediately following the 6-2 well. The Biloxi Marshlands No. 7-1 will be drilled from the same surface location as the Biloxi Marshlands No. 6-1 and 6-2 wells and will be drilled to approximately 11,555 feet MD (9,563 feet TVD). The Company expects the drilling to take approximately 20 days from spudding the well. Additional wells are scheduled for this immediate area during 2003. Meridian holds a 93% working interest in this project area.
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