20 November 2006
Plectrum to acquire 2D seismic over Nabeul Block, offshore Tunisia
Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group")
Plectrum is pleased to announce that it has awarded the contract to acquire 3000km of 2D seismic data over the Nabeul Block, offshore Tunisia, of which it has a 50 per cent. interest, to Compagnie Generale de Geophysique (CGG).
State of the art vessel MV CGG Princess will acquire the data in the second quarter of 2007 over the entire block, which contains a number of previously identified prospects and leads.
The Company also announces that it has recently completed reprocessing 1000km of older regional seismic data over the Nabeul Block. These reprocessed seismic lines©ö show a dramatic improvement in data quality confirming earlier assessments of prospectivity and also reveal additional leads on trend with the neighbouring Oudna Field©÷, located 12km to the west.
Executive Chairman Mike Whyatt said: "The award of this contract marks a turning point for Plectrum as we move forward into offshore operations. We are reviewing our seismic processing options for the 2007 survey and will update the market accordingly once we have finalised our plans."
ENDS
For further information, please contact:
Plectrum Petroleum Plc
Tel: 01330 826 710
Mike Whyatt, Chairman
Mike Evans, Chief Operating Officer
www.plectrum.co.uk
Aquila Financial Ltd
Tel: 020 7202 2600
Peter Reilly
Vivienne Macey
www.aquila-financial.com
Corporate Synergy
Tel: 020 7448 4400
Oliver Cairns
David Seal
Notes to editors:
1. The seismic data were reprocessed by Seismic Image Processing Ltd of Banchory using the pre-stack time migration process. Examples of reprocessed seismic data over the Nabeul Block can be found at www.plectrum.co.uk/operations/tunisia
2. Oudna Field: Oil production commenced from the Oudna field, offshore Tunisia, on 11 November 2006. Production is from a single production well supported by a water injection well both tied back to the IKDAM Floating Production Storage Offloading (FPSO) vessel.
Initial production from natural flow is over 8,000 bopd, gross, and is forecast to shortly increase to 20,000 bopd, gross, following the start-up of artificial lift operations. Proven and probable reserves of the Oudna field are 11.5 million barrels of oil.
Lundin Petroleum and Atlantis Holding Norway AS (a subsidiary of Sinochem Corporation) are each holders of 50 percent of the Oudna field. Lundin Petroleum is the operator. ETAP, the Tunisian state oil company, has a 20 percent purchase option in the Oudna field which may be exercised up to 120 days from the commencement of production.
Nabeul Block
The Nabeul Block covers 3352 km2 (equivalent to 13 North Sea Blocks) and is in water depths of 250-300m. 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 100mmboe.
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.
More information and a map of the Nabeul Block are available at www.plectrum.co.uk
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