28 September 2005
Table Mountain Minerals plc
Admission to AIM
Table Mountain Minerals plc, (TBL, or the Company) is pleased to announce, that following the acquisition of Plectrum Petroleum plc, shares in the enlarged company have been admitted to trading on the Alternative Investment Market of the London Stock Exchange. Dealings will commence at 8.00am today.
The number of ordinary shares in issue is 120,769,565.
Table Mountain Minerals plc, will change its name to Plectrum Petroleum plc following shareholder approval at an EGM to be convened shortly.
The TBL directors, who have many years direct oil and gas exploration experience, 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.
As an early adopter of the breakthrough exploration technology, electromagnetic imaging, TBL aims to gain a strong competitive advantage through better defining exploration risk, thus allowing the Company to negotiate access to licences on favourable terms.
Since incorporation, the newly acquired company, Plectrum Petroleum plc has begun its strategy of building a portfolio of exploration opportunities.
Commenting on the announcement, Executive Chairman, Mike Whyatt, said:
"We are delighted to be trading on the AIM market. The exploration industry is a traditionally slow adopter of new technology, even when the benefits are obvious and significant. TBL, through Plectrum Petroleum plc intends to add shareholder value from becoming an early adopter of such significant technology breakthroughs in its exploration plans."
Contact
Table Mountain Minerals plc
Mike Whyatt, Executive Chairman 01330 826 710
Mike (Spike) Evans, COO
Jim Bain, Finance Director
Aquila Financial Limited
plectrum@aquila-financial.com
Peter Reilly 020 7849 3319
Vivienne Macey 020 7849 3320
Yvonne Fraser 020 7849 3326
Notes to editors
Table Mountain Minerals plc has acquired the entire issued share capital of Plectrum Petroleum plc and the directors of Plectrum Petroleum plc have assumed executive roles at Table Mountain Minerals.
Table Mountain Minerals plc was incorporated on 28 February 2005. The Company raised £3.115 million (before expenses) through a placing of 62,300,000 Ordinary Shares and was admitted to AIM on 11 April 2005.
Plectrum Petroleum Plc is an oil and gas exploration company formed in December 2004, to seek out offshore exploration opportunities around the globe that would be significantly de-risked before drilling, by the application of breakthrough exploration technologies such as electromagnetic (EM) imaging.
EM
The electromagnetic survey method uses a dipole source that is towed just above the seafloor to transmit a very low frequency (0.01 Ð 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 can indicate the presence of oil and gas in offshore situations, and can detect and map the edges of such accumulations.
EM complements rather than replaces seismic data Ð 3D seismic is an excellent tool for identifying geological structures that may contain hydrocarbons, but is poor at determining fluid content. By measuring bulk resistivity, EM forms the next natural stage in the evaluation process by indicating the presence or absence of hydrocarbons within those structures.
Management
Mike Whyatt (Executive Chairman)
A geologist by training Mike has 25 years experience in oil and gas exploration. Mike was personally responsible for the discovery of over 1 billion barrels of oil equivalent of developed reserves. After a successful career in exploration he went on to production, asset trading and general management. Mike was MD in Rome at the time of the acquisition of Enterprise Oil in 2002 by Shell. He left Shell in 2003.
Mike Evans (Chief Operations Officer)
A geophysicist by training Mike (Spike) has 25 years experience in the oil and gas exploration industry, the last 15 as a technical and management consultant to an extensive range of international oil industry clients. Spike has been responsible for or heavily involved in a number of oil and gas discoveries during his career.
Jim Bain (Finance Director)
A chartered accountant with over 30 years international finance experience including 18 years with Shell International. Jim was most recently CFO of WellDynamics Group.
www.plectrum.co.uk
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