25 July 2006
Plectrum receives approval for acquisition of 50 per cent interest and operatorship of the Nabeul Block, Offshore Tunisia
Plectrum, the innovative oil and gas exploration company formed in 2004, is pleased to announce that it has received the approval of the Tunisian Ministry Of Industry, Energy, and Small and Medium Size Companies, for the acquisition of a 50 per cent interest and the operatorship of the Nabeul Block offshore Tunisia, through the purchase of 90 per cent of the issued share capital of REAP Tunisia GmbH ("REAP Tunisia").
Plectrum previously announced on 12 June that it had reached agreement for the acquisition of REAP Tunisia for a consideration of £250,000, an agreement to spend £2.5 million on a work programme and an overriding royalty interest in the Permit.
Entreprise Tunisienne d'Activités Pétroliè?res ("ETAP"), the Tunisian Government's oil and gas company, has the remaining 50 per cent in the Block.
The Nabeul Block is located in the Gulf of Hammamet, adjacent to existing oil producing concessions. The Company's proposed 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 (EM) Imaging and Marine Magnetotelluric (MMT) in the Block.
Mike Evans, Plectrum's Chief Operating Officer, said:
"We are delighted to have received approval from the Tunisian authorities for this acquisition so quickly.
This highly prospective acreage is well suited for the adoption of our strategy of derisking deepwater prospects through implementing newly emerging technologies such as Electro-Magnetic Imaging techniques. We are looking forward to starting work with ETAP and playing a key role in further expansion in this proven petroleum province."
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
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.
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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