07 December 2006
Plectrum and Gold Oil receive Perúpetro approval for exploration contract offshore Peru
Plectrum Petroleum is pleased to announce that it has received approval from Peru's government-owned oil company Perúpetro SA (Perúpetro) for an Exploration and Exploitation Contract covering Block Z-34, Offshore Peru, in conjunction with its Aimlisted joint venture partner Gold Oil Plc.
The two companies have been in exclusive negotiations with PerúPetro to convert Gold Oil's previous Promotional Licence into a full Exploration and Exploitation Contract, with Plectrum taking a 50 per cent interest. PerúPetro approved the 30 year contract on 5 December 2006. Final formal approval from Peru's Minister of Energy and Mines is expected to follow in the New Year.
Plectrum announced that it had agreed to form a joint venture with Gold Oil in respect of Block Z-34 on 8 June.
Mike Whyatt, Plectrum's Executive Chairman, said:
"We are delighted to have received approval from Perúpetro. Final approval from the Minister of Energy and Mines in the New Year will allow us to embark on our initial work programme of acquiring a modern 2D seismic grid and electro-magnetic studies. Block Z-34 is adjacent to existing shallow water production concessions in the Talara Basin, however exploration in the block to date has been minimal. Block Z-34 fits our strategy of seeking out underexplored offshore exploration opportunities that can be significantly de-risked before drilling by the application of innovative technologies such as electro-magnetic imaging"
ENDS
For further information, please contact:
Plectrum Petroleum Plc
01330 826 710
Mike Whyatt, Executive Chairman
www.plectrum.co.uk
Aquila Financial Ltd
Peter Reilly 020 7202 2601
Ross Bethell 020 7202 2603
www.aquila-financial.com
Corporate Synergy
020 7448 4400
Oliver Cairns
David Seal
Notes to editors:
Block Z-34 sits in the prolific Talara Basin which has produced to date in excess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The 3,713 km©÷ block (equivalent to 14 North Sea Blocks) sits adjacent to existing producing concessions in water depths of 100-3000m, yet has a sparse existing data set of just 500 km 2D seismic. The initial work programme will be to acquire a conventional modern 2D seismic grid and enhance these data with Electro-Magnetic (EM) studies.
Plectrum Petroleum Plc is an AIM-listed exploration and production company, based in Aberdeen, Scotland. Plectrum's strategy is seek out offshore exploration activities around the globe that can be significantly de-risked before drilling by the application of innovative technologies such as electro-magnetic imaging.
Plectrum's portfolio of assets include: Petroleum Exploration Permits for two large frontier areas (WA-379-P and WA-380-P) offshore Western Australia; 50 per cent interest and operatorship of the Nabeul Block, offshore Tunisia and its joint venture with Gold Oil Plc in Block Z-34, offshore Peru.
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