16 August 2006
Plectrum completes acquisition of REAP Tunisia GmbH
Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group")
Plectrum Petroleum is pleased to announce that it has completed the acquisition of REAP Tunisia GmbH ("REAP Tunisia") to gain a 50 per cent interest and the operatorship of the Nabeul block, offshore Tunisia.
Under the terms of the agreement, outlined in announcements on 25 July and 12 June 2006, Plectrum has acquired 90 per cent of the issued share capital of REAP Tunisia, the organisation holding the 50 per cent interest in the Nabeul Block, located in the Gulf of Hammamet, offshore Tunisia.
The consideration for the acquisition is a cash payment of £250,000 and the agreement to spend £2.5 million on a work programme. The Vendor will also retain an overriding royalty interest in the permit.
Plectrum Petroleum's work programme includes the reprocessing of existing seismic data, the acquisition of conventional modern 2D seismic and modelling to confirm the suitability of Electro-Magnetic Imaging and Marine Magnetotelluric in the Block.
The other 50 per cent interest in the Nabeul Block is held by the Tunisian government oil and gas company Entreprise Tunisienne d'Activités Petrolières.
Mike Whyatt, Plectrum's Executive Chairman said: "I am delighted to announce the completion of this acquisition. This highly-prospective acreage is a key strategic addition to our asset portfolio, where we believe the use of innovative exploration techniques can significantly de-risk prospects prior to drilling. We can now work towards our goal of better defining the oil volumes in several prospective structures already identified in the Block prior to committing to an exploration well."
For further information, please contact:
Plectrum Petroleum Plc
01330 826 710
Mike Whyatt, Executive Chairman
Mike Evans, Chief Operating Officer
www.plectrum.co.uk
Aquila Financial Ltd
020 7202 2600
Peter Reilly
Vivienne Macey
www.aquila-financial.com
Corporate Synergy
020 7448 4400
Olly Cairns
David Seal
Notes to editors:
The Nabeul Block
The Nabeul Block covers 3352 km2 (equivalent to 13 North Sea Blocks) and is in water depths of 250-800m. The initial Prospection Permit phase runs until 24 January 2008 and three further exploration periods of up to five years each are also available. Several prospective structures have already been identified in the Birsa sand fairway play in the Block that are capable of trapping oil volumes in excess of 100 mmboe.
A map of the Nabeul Permit Location can be accessed at www.plectrum.co.uk
Plectrum Petroleum
Plectrum Petroleum plc is based in Aberdeen, Scotland and listed on the London Stock Exchange Alternative Investment Market under the ticker 'PPE'.
Plectrum intends to make full use of newly emerging technologies such as Electro-Magnetic Imaging as an additional screening tool, applying it to a balanced global portfolio of offshore exploration opportunities in order to high-grade and take forward only the very best exploration prospects.
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