The censure under the AIM Rules 10, 11 and 31 relates to Meridian repeatedly failing to:

* take reasonable care to ensure that its announcements disclosed realistic operational deadlines and/or material issues likely to affect the achievability of deadlines;

* make full and accurate statements regarding the progress and status of its Calvin and Orion oil and gas assets;

* disclose price sensitive information to the market without delay regarding operational problems facing the company and consequent drilling and production delays;

* seek the advice of its Nomad and to take advice from its Nomad into account regarding its compliance with the AIM Rules.

Martin Graham, Head of AIM, said: “AIM is a disclosure based market, so it is crucial that AIM companies accurately disclose price sensitive information to the market without delay and seek advice from their Nomads. Meridian committed significant breaches of the AIM disclosure rules over an extended period of time which is why we have taken this enforcement action today.”

In determining the appropriate sanction, the London Stock Exchange took into account the various factors set out in the censure, including the fact that the number, nature and duration of the breaches over a two and half year period demonstrate a disregard for the AIM Rules and amount to reckless conduct during the relevant period. In deciding the level of the fine, the Exchange also took into account, amongst other things, that Meridian is a small company with limited financial resources and the potential impact of the fine on the company and its shareholders. -- www.londonstockexchange.com