Meridian Awarded PEL 132 in Australia

The Native Title Agreement that allows the Petroleum Exploration License ("PEL") 132 in relation to the Dolores Prospect in the Arrowie Basin, South Australia has been signed and is being offered to Meridian Petroleum.

Mineral Resource Development Minister Paul Holloway officially signed the Native Title Agreement, allowing the grant of the new PEL 132. The Native Title land access agreements were concluded pursuant to the Commonwealth Native Title Act 1993 between Meridian Resources Pty. Ltd., the native title claimants (Adnyamathanha people) and the South Australian Government through the Right To Negotiate process

In a news release the Minister has stated: "The Arrowie Basin deal is the first time that the Adnyamathanha people have signed a land access agreement for petroleum exploration, subsequent development and production, and I congratulate them,"

Tony Mason, CEO, Meridian, has commented "This is an extremely significant event for Meridian as it marks the end of 3 years of hard work by the Company to reach this stage. Now that we have the Native Title agreed, we will continue with developing the operational plan and assembling the team for drill testing to begin in Q4 2007."

The ECL Scott Pickford reserve summary on the Dolores prospect gave a P2 Prospective Resource volume of 540 Bcf GIP. The Dolores resource is located approximately 40 km from the Moomba to Adelaide pipeline.