10 July 2006
Plectrum and Gold Oil invited to enter final negotiations for an Exploration & Exploitation Contract covering Block Z-34, Offshore Peru
Plectrum is pleased to announce that the Company, together with its AIM listed joint venture partner, Gold Oil Plc (Gold), has been invited to start exclusive negotiations with Perupetro S.A. on the details of an Exploration Licence covering Block Z-34, offshore Peru. This follows formal notification of Gold as an approved offshore operator and Plectrum as an approved contractor. It is expected that the contract will be signed and approved by Perupetro within weeks, with formal approval by the Minister of Energy and Mines sometime later.
On 8 June 2006 Plectrum announced that it had agreed to form a joint venture with Gold in respect of Block Z-34, jointly giving notice to convert Gold's existing Promotion Agreement into a 30 year Exploration & Exploitation Licence. Final completion of the transaction was subject to the qualification of both companies as approved contractors and the negotiation and approval of the Exploration Licence terms by the Peruvian authorities.
Mike Evans, Plectrum's Chief Operating Officer, commented:
"This is excellent news for Plectrum in our new joint venture with Gold. I look forward to speedy negotiation of the contract terms so that we can become operationally active as soon as possible."
For further information, please contact:
Plectrum Petroleum Plc
01330 826 710
Mike Whyatt, Executive Chairman
Mike Evans, Chief Operating Officer
www.plectrum.co.uk
Corporate Synergy
020 7448 4400
Oliver Cairns
David Seal
Aquila Financial Ltd
020 7202 2600
Peter Reilly
Vivienne Macey
www.aquila-financial.com
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