City & Corporate: CDR to lead Meridian's flotation push

Oil and gas exploration company Meridian Petroleum has started a financial communications push to raise up to £5m on the AIM.

Meridian wants to use the money to invest in exploration of oil and gas production in Australia.

Meridian chief executive Tony Mason said the company had brought in Citigate Dewe Rogerson to handle relations with the financial media around the flotation, which is planned for the end of this month.

CDR Natural Resource team directors Martin Jackson and Alexandra Scrimgeour are leading the account.

The company typically targets oil and gas production fields that supply a sustainable cashflow to fund further exploration and provide an early return on investment.

Meridian has interests in six properties and production projects with an additional project planned for later this month.

Mason said that the company's initial £13,600 investment in a North Michigan oil field in January was now bringing in £81,000 a month.

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