26 May 2006
Issue of Equity
Plectrum Petroleum Plc ('PPE' or the 'Company'), today announces that it is to raise £2.5 million before expenses by a placing of 17,857,142 new ordinary shares (the 'Placing Shares') at 14p per ordinary share (the 'Placing Price').
The Directors believe that strengthening the Company's balance sheet will enhance the Company's position when negotiating offshore exploration licenses and farm in agreements, in particular in relation to the Peruvian offshore exploration license Z34, for which the Company has recently submitted an application, in conjunction with Gold Oil Plc.
Corporate Synergy Plc, as agent for the Company, has placed the Placing Shares at the Placing Price with institutional and other investors, subject to the Placing Shares being admitted to trading on AIM. The Placing Price represents a discount of 14 per cent. to the closing mid market price of 16.25p on AIM as at 25 May 2006, the date prior to the publication of this announcement. The Placing Shares will, when issued and fully paid, rank pari passu in all respects with the existing issued ordinary shares of the Company.
Application has been made for the Placing Shares to be admitted to trading on AIM and trading in the Placing Shares is expected to commence on 2 June 2006.
For further information, please contact:
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly 020 7202 2601
Corporate Synergy Plc
John Prior 020 7448 4400
www.plectrum.co.uk
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