27 October 2005
Table Mountain Minerals plc
Table Mountain Minerals Plc changes its name to Plectrum Petroleum Plc
Table Mountain Minerals Plc announces that the company has changed its name to Plectrum Petroleum Plc ('Plectrum' or the 'Company') following the approval of the resolution at the Extraordinary General Meeting held today. It is anticipated that the name change will take place on 28 October 2005. The Company's new AIM ticker will be PPE.
Following the Company's admission to AIM in September 2005 and a further share placing to raise £3 million in October 2005 to strengthen its balance sheet, the oil and gas exploration company believes it is in a strong position to negotiate offshore exploration licences and farm in agreements.
The Company is already discussing opportunities in a number of countries with host governments and existing licence holders as part of its strategy to build a balanced global portfolio of offshore exploration prospects. To date, Plectrum has evaluated and screened a number of prospects using conventional methods in various global locations. The Company intends to take advantage of being an early adopter of electromagnetic imaging (EM) technology to significantly de-risk these and other prospects before drilling.
Executive Chairman Mike Whyatt said: 'Following our recent fundraising, we are financially well placed to be able to move the company forward, negotiating access to licences and applying EM technology as part of our exploration evaluation process. We believe that there are significant tracts of offshore exploration acreage that have remained either unexplored or under-explored due to limitations of conventional technology and cost of drilling deep-water wells. We intend to target acquiring such acreage through licence awards and farm in agreements.'
Contact:
Plectrum Petroleum Plc:
Mike (Spike) Evans, COO 01330 826 710
www.plectrum.co.uk
Aquila Financial Limited:
plectrum@aquila-financial.com
Vivienne Macey 020 7849 3320
Yvonne Fraser 020 7849 3326
Notes to editors
Table Mountain Minerals Plc acquired the entire issued share capital of Plectrum Petroleum Plc on 28 September 2005 and the directors of Plectrum Petroleum Plc assumed executive roles at Table Mountain Minerals.
EM
The electromagnetic survey method uses a dipole source that is towed just above the seafloor to transmit a very low frequency (0.01 – 5Hz) electromagnetic field into the earth. This field is modified by the presence of subsurface resistive layers, and these changes in the field are detected and logged by a 2-dimensional array of receivers placed on the seabed.
This dataset is then processed to provide spatial information as to the resistive structure of the subsurface. Because hydrocarbon-bearing formations are typically highly resistive as compared with surrounding formations, an electromagnetic survey may indicate the presence of oil and gas accumulations.
EM complements rather than replaces seismic data – 3D seismic is an excellent tool for identifying geological structures that may contain hydrocarbons, but is often poor at determining fluid content. By measuring bulk resistivity, EM forms the next natural stage in the evaluation process by indicating the potential presence or absence of hydrocarbons within those structures.
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