15th Feb 2007 11:02
Plectrum Petroleum PLC15 February 2007 PRESS RELEASE For immediate release: 15 February 2007 Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group") Plectrum and Gold Oil formally awarded an Exploration & Exploitation Contract covering Block Z-34, Offshore Peru Plectrum is pleased to announce that the Company, together with its AIM listedjoint venture partner, Gold Oil Plc (Gold), has been awarded an ExplorationLicence covering Block Z-34, offshore Peru. On 8 June 2006, Plectrum announced that it had agreed to form a joint venturewith Gold in respect of Block Z-34, jointly giving notice to convert Gold'sexisting Promotion Agreement into a 30 year Exploration & Exploitation Licence.Final completion of the transaction was subject to the qualification of bothcompanies as approved contractors and the negotiation and approval of theExploration Licence terms by the Peruvian authorities. All negotiations andapprovals have been successfully completed and the Supreme Decree for Block Z-34has now been published in the Official Journal in Lima. Mike Whyatt, Plectrum Petroleum's Executive Chairman, said: "We are delighted to have received the Supreme Decree for the award of Z-34 andcan now move forward with our plans to evaluate this prospective offshoreBlock". For further information, please contact: Plectrum Petroleum Plc 01330 826710 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 2601 Peter Reilly www.aquila-financial.com Notes to editors Block Z-34 sits in the prolific Talara Basin which has produced to date inexcess of 1.7 billion barrels of oil and 340 billion cubic feet of gas(1). The3,713 km(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existingproducing concessions in water depths of 100-3000m, yet has a sparse existingdata set of just 500km 2D seismic. The initial work programme will be to acquirea conventional modern 2D seismic grid and enhance these data with ElectroMagnetic (EM) studies. Plectrum has made a commitment to PeruPetro to "acquire, process & interpret2,000km lines 2D seismic" during the initial 18 month licence period. Plectrum'sfinancial commitment to this programme is £1.9mm, after which a decision will bemade as to whether further onward investment in justified. Plectrum Petroleum Plc is an AIM listed exploration and production company.Plectrum's strategy is to seek out offshore exploration activities around theglobe that can be significantly de-risked before drilling by the application ofinnovative technologies such as controlled source electromagnetic (CSEM)imaging. Plectrum now has offshore exploration interests in Tunisia, Peru, the UK andWestern Australia. Note 1: Higley D (2004), The Talara Basin Province of Northwestern Peru:Cretaceous-TertiaryTotal Petroleum System: U.S. Dept. of the Interior, U.S.Geological Survey Bulletin 2206-A This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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