RNS Number:6769D
Plectrum Petroleum PLC
26 May 2006



                             Plectrum Petroleum Plc

                                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.

END



Contact
Aquila Financial Limited
Peter Reilly                                             020 7849 3319



Corporate Synergy Plc
John Prior                                               020 7448 4400






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

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