PPE Proven

RNS Number:5698C
Plectrum Petroleum PLC
08 May 2006


                                      


PRESS RELEASE



8 May 2006


                             PLECTRUM PETROLEUM PLC

                  ("PLECTRUM", "THE COMPANY", OR "THE GROUP")


Plectrum signs Joint Venture Agreement with Gold Oil Plc for Block Z34 Offshore
                                      Peru


Plectrum is pleased to announce that it has agreed to form a joint venture with
AIM listed Gold Oil Plc in Block Z34, offshore Peru. The two companies have
jointly given notice to the authorities to convert Gold's existing Promotion
Agreement into a 30 year Exploration & Exploitation Contract. Under the terms of
the joint venture Plectrum will carry Gold through the initial seismic phase of
the work programme to earn a 50% working interest.


Block Z34 sits in the prolific Talara Basin which has produced to date in excess
of 1.7 billion barrels of oil and 340 billion cubic feet of gas(1). The 3713 km
(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existing
producing concessions in water depths of 100-3000m, yet has a sparse existing
data set of just 500km 2D seismic and no wells. The initial work programme will
be to acquire a conventional modern seismic grid and enhance these data with
marine magnetotelluric (MMT) and Electro Magnetic (EM) studies.


Final completion of the transaction is subject to the qualification of both
companies as approved contractors and the negotiation with and approval of the
Exploration Contract terms by the Peruvian authorities.


Mike Whyatt, Plectrum's Executive Chairman, commented:


"I am delighted that our strategy of building a portfolio of assets, in areas
where the application of innovative new exploration technologies can
significantly enhance pre-drilling resource assessments, is finally bearing
fruit. The Peruvian continental shelf is just such an area and we look forward
to working together with Gold to evaluate this highly prospective yet vastly
under explored offshore block."


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
John Prior
David Seal

Aquila Financial Ltd 020 7202 2600
Peter Reilly
Vivienne Macey
www.aquila-financial.com


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



Notes to editors


Plectrum Petroleum Plc is an AIM listed exploration and production company.
Plectrum's strategy is to seek out offshore exploration activities around the
globe that can be significantly de-risked before drilling by the application of
innovative electromagnetic (EM) imaging technology.


Since incorporation, Plectrum has focused on researching and quantifying a wide
range of acquisitions and establishing the Company as an industry player. A
number of applications have been made, and are in progress, for rights to
exploration acreage around the world including in the UK, Peru, Africa and
Australia.

The Talara Basin

The Talara Basin province is located on the continental shelf along the northern
coast of Peru.

A location map will be available on the Company's website: www.plectrum.co.uk








                      This information is provided by RNS
            The company news service from the London Stock Exchange

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