PPE Proven

RNS Number:6626G
Plectrum Petroleum PLC
25 July 2006

PRESS RELEASE
For immediate release: 25 July 2006
Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group")


Plectrum receives approval for acquisition of 50 per cent interest and
operatorship of the Nabeul Block, Offshore Tunisia


Plectrum, the innovative oil and gas exploration company formed in 2004, is
pleased to announce that it has received the approval of the Tunisian Ministry
Of Industry, Energy, and Small and Medium Size Companies, for the acquisition of
a 50 per cent interest and the operatorship of the Nabeul Block offshore
Tunisia, through the purchase of 90 per cent of the issued share capital of REAP
Tunisia GmbH ("REAP Tunisia").

Plectrum previously announced on 12 June that it had reached agreement for the
acquisition of REAP Tunisia for a consideration of #250,000, an agreement to
spend #2.5 million on a work programme and an overriding royalty interest in the
Permit. Entreprise Tunisienne d'Activites Petrolieres ("ETAP"), the Tunisian
Government's oil and gas company, has the remaining 50 per cent in the Block.

The Nabeul Block is located in the Gulf of Hammamet, adjacent to existing oil
producing concessions. The Company's proposed work programme includes the
reprocessing of existing seismic data, the acquisition of conventional modern 2D
seismic and modelling to confirm the suitability of Electro-Magnetic (EM)
Imaging and Marine Magnetotelluric (MMT) in the Block.

Mike Evans, Plectrum's Chief Operating Officer, said:

"We are delighted to have received approval from the Tunisian authorities for
this acquisition so quickly.

This highly prospective acreage is well suited for the adoption of our strategy
of de-risking deepwater prospects through implementing newly emerging
technologies such as Electro-Magnetic Imaging techniques. We are looking forward
to starting work with ETAP and playing a key role in further expansion in this
proven petroleum province."


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
Oliver Cairns
David Seal

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



Notes to editors:

The Nabeul Block

The Nabeul Block covers 3352 km2 (equivalent to 13 North Sea Blocks) and is in
water depths of 250-800m. The initial Prospection Permit phase runs until 24
January 2008 and three further exploration periods of up to five years each are
also available. Several prospective structures have already been identified in
the Birsa sand fairway play in the Block that are capable of trapping oil
volumes in excess of 100 mmboe.


Plectrum Petroleum

Plectrum Petroleum plc is based in Aberdeen, Scotland and listed on the London
Stock Exchange Alternative Investment Market under the ticker 'PPE'.

Plectrum intends to make full use of newly emerging technologies such as
Electro-Magnetic Imaging as an additional screening tool, applying it to a
balanced global portfolio of offshore exploration opportunities in order to
high-grade and take forward only the very best exploration prospects.




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

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