TIDMMRP 
 
RNS Number : 2509D 
Meridian Petroleum PLC 
30 November 2009 
 

Monday 30 November 2009 
 
 
MERIDIAN PETROLEUM plc 
("Meridian" or "the Company") 
 
 
Result of Open Offer 
 
 
Open Offer subscriptions of 199.15% 
 
 
On 30 October 2009, Meridian announced that it was to adopt a transformational 
strategy aimed at significantly increasing its reserves and resources. The 
initial steps in developing this strategy included a capital raising of 
approximately GBP6.9 million, strengthening of the Board and management and a 
change of name to President Petroleum Company PLC. 
 
 
The Capital Raising is being made by way of a Placing of 22.25 million New 
Ordinary Shares to Levine Capital Management and institutional investors and an 
Open Offer of 5,364,498 New Ordinary Shares, allowing the Company's existing 
Shareholders the opportunity to participate in the fundraising at the same price 
as the Placees. 
 
 
The Open Offer closed at 11.00 a.m. on 27 November 2009. Under the Open Offer, 
valid applications have been received from Qualifying Shareholders in respect of 
their basic Open Offer Entitlements for, in aggregate, 5,002,468 Open Offer 
Shares, representing approximately 93.25 per cent. of the Open Offer Shares. As 
a consequence, 362,030 Open Offer Shares were available pursuant to the Excess 
Application Facility. Valid applications received from Qualifying Shareholders 
pursuant to the Excess Application Facility have been received in respect of 
5,680,810 Excess Shares, representing approximately 1,569 per cent. of the 
Excess Shares available. Accordingly, Qualifying Shareholders will receive an 
approximate rate of 6.37535 per cent. of their application under the Excess 
Application Facility and no Open Offer Shares have been subscribed for by 
Evolution, who agreed to underwrite the Open Offer. 
 
 
Shareholder Approval 
Shareholder approval to effect the Proposals, including the Placing and Open 
Offer, will be sought at the Extraordinary General Meeting ("EGM")of the Company 
to be held at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London, 
on 30 November 2009 at 11.00 a.m.  Application has been made to the London Stock 
Exchange for the New Ordinary Shares and the Redenominated Shares, pursuant to 
the Capital Reorganisation, to be admitted to trading on AIM, subject to 
Shareholder approval being given to the Proposals at today's EGM. It is expected 
that Admission will become effective on 1 December 2009 and that dealings for 
normal settlement in the Redenominated Shares and the New Ordinary Shares will 
commence at 8.00 a.m. on 1 December 2009. 
 
 
The Placing and Open Offer remain conditional upon the Placing Agreement 
becoming unconditional in all respects and Admission. 
 
 
The Enlarged Issued Share Capital of the Company following Admission will be 
45,446,492 Ordinary Shares of 1 pence each. 
 
 
Stephen Gutteridge, Chairman of Meridian, said: 
 
 
"We are delighted with the response to our capital raising from institutional 
investors and particularly from our large base of private investors. Our 
proposals to transform Meridian into a company with the ambition and resources 
to achieve mid-cap status have been strongly supported by both existing and new 
investors and we look forward to working with our shareholders on the next steps 
in the transformation plan for President Petroleum" 
 
 
This announcement should be read in conjunction with the full text of the 
Circular published by the Company on 2 November 2009. Definitions used in the 
Circular shall have the same meanings when used in this announcement unless the 
context otherwise requires. Copies of the Circular are available for a period of 
twelve months on the Company's website, www.meridianpetroleum.com  free of 
charge in accordance with the requirements of Rule 26 of the AIM Rules. 
 
 
For further information contact: 
 
 
+-------------------------------------------+-------------------------------+ 
| Meridian Petroleum                        |          +44 (0) 207 811 0140 | 
+-------------------------------------------+-------------------------------+ 
| Stephen Gutteridge, Chairman              |                               | 
+-------------------------------------------+-------------------------------+ 
|                                           |                               | 
+-------------------------------------------+-------------------------------+ 
| Evolution Securities                      |          +44 (0) 207 071 4300 | 
+-------------------------------------------+-------------------------------+ 
| Robert Collins, Tim Redfern, Adam James   |                               | 
+-------------------------------------------+-------------------------------+ 
|                                           |                               | 
+-------------------------------------------+-------------------------------+ 
| Financial Dynamics                        |          +44 (0) 207 831 3113 | 
+-------------------------------------------+-------------------------------+ 
| Ben Brewerton/Ed Westropp                 |                               | 
+-------------------------------------------+-------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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