PPE Proven

RNS Number:7586H
Plectrum Petroleum PLC
17 August 2006


PRESS RELEASE

For immediate release: 17 August 2006


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


Plectrum awarded Operatorship of Petroleum Exploration Permits offshore Western
                                   Australia


Plectrum is pleased to announce that it has been granted Petroleum Exploration
Permits for two large frontier areas (WA-379-P and WA-380-P) within the Bremer
Sub-basin, offshore Western Australia. The awards were made on 9 August 2006 by
the Commonwealth-Western Australian Joint Authority as part of the 2005
competitive bid round of the Australian Government Release of Offshore
Exploration Areas.

The company has been granted a 100% working interest and Operatorship of both
Exploration Permits. These permits are very large at over 9000 square kilometres
each (greater than one UKCS Quad each).

Recent work on the petroleum prospectivity of the Exploration Permits (Bradshaw,
2005*) has demonstrated the potential for discovery of 500 million barrel oil
accumulations. The work has been based on the study of a newly acquired grid of
2D seismic data tied to dredge samples recovered from the seabed.

Plectrum has committed to conduct minimum guaranteed work programmes in the
first three years and indicated secondary work programmes for years four to six.
In most circumstances, permits can be renewed after the initial six year term
for a further two terms of five years duration each. As part of the guaranteed
minimum work programme for each area, Plectrum has committed to acquire an
infill grid of new 2D seismic data, seabed gravity coring and feasibility
studies to determine whether controlled-source electromagnetic (CSEM) and marine
magneto-telluric (MMT) remote sensing technologies can be successfully employed
as a risk reduction tool.

Commenting on the award, Mike Whyatt, Plectrum Petroleum's Executive Chairman,
said: "This award, together with our recently announced acquisition in Tunisia,
demonstrates our ability to significantly grow our portfolio. Australia has
attractive fiscal terms and in recent years has had a one in four offshore
exploration success rate, with oil discoveries outnumbering gas.

Within the Bremer Sub-basin we recognize a wide variety of fault block, faulted
anticline and stratigraphic trapping possibilities that demonstrate the
potential for commercially viable hydrocarbon discoveries. Port, power
generation and hydrocarbon export facilities are available at nearest landfall
and the area has relative proximity to major Australian energy markets. We look
forward to working with the Australian government as we progress our work
programme in this exciting new basin."

Ends

For further information, please contact:
Plectrum Petroleum Plc                                             01330 826 710
Mike Whyatt, Chairman
Mike Evans, Chief Operating Officer
www.plectrum.co.uk

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

Corporate Synergy                                                  020 7448 4400
Oliver Cairns
David Seal


*Bradshaw, B. E. (Compiler), 2005. Geology and Petroleum Potential of the Bremer
Sub-basin, offshore southwestern Australia. Geoscience Australia Record 2005/21


Notes to editors:

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.

More information and a map are available at www.plectrum.co.uk




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

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