PPE Proven

RNS Number:8836P
Plectrum Petroleum PLC
22 January 2007

22 January 2007


                               Operational Update


Plectrum Petroleum Plc (LSE:PPE), the AiM listed independent oil and gas
exploration company, today provides an operational update ahead of its
preliminary results for the year ended 31 December 2006, to be announced on 29
March 2007.

General

   -   22,082 km2 of under explored offshore exploration acreage acquired in 
       Tunisia and Australia; equivalent to 90 North Sea licence blocks

   -   Further new venture opportunities under review

   -   Seismic and farm out activity in 2007 and, assuming favourable results, 
       with exploration drilling expected in 2008


Tunisia

   -   Nabeul Permit acquired and 1000km of 2D seismic reprocessed

   -   Prospective oil resources of 126 million barrels (P50 Company Share)
       and indicates further upside potential of 605 million barrels (unrisked)

   -   Upgraded prospective oil resources being finalized following seismic
       reprocessing - prospect inventory up from 4 to 12 prospects

   -   2D seismic acquisition programme to start in 2Q2007, with a view to
       drilling in first half 2008

   -   Nabeul farm out process to commence in February


Australia

   -   Plectrum granted (100%) frontier exploration permits WA-379-P and
       WA-380 located in the Bremer sub-basin, offshore Western Australia.

   -   Permits provide access to 18,730 km sq in a large under explored
       basin

   -   3,300km seismic programme in planning stage for 2007 acquisition


Peru

   -   Exploration Contract for Block-Z34 approved by the Board of PeruPetro
       and is now awaiting supreme decree.

Outlook

2007 will see an intensification of exploration activity in Tunisia and
Australia with 2D seismic activity in both areas. The anticipated formal award
of Block Z-34 in Peru may also lead to seismic activity before year end. Towards
the end of the year the Nabeul Prospection Permit in Tunisia is likely to be
converted into an Exploration Permit, with a view to drilling in the first half
of 2008.

The Nabeul Permit continues to attract growing interest and the company intends
to open a data room in February with a view to attracting an industry partner to
share cost and risk.


Mike Whyatt, Executive Chairman, commented:

"2006 proved to be a strong year for Plectrum. During the year we built, from
scratch, a portfolio of international exploration assets with real potential.
Our high working interests and extensive tracts of acreage provide us with the
opportunity to undertake selective farm out activity while taking forward our
exploration programme at pace.

The Company is progressing exploration activity in Tunisia and Australia and is
ready to move following receipt of the supreme decree in Peru. We also hope to
be drilling on the Nabeul permit in Tunisia in 2008."


Enquiries :

Plectrum Petroleum Plc                            Tel: 01330 826710
Mike Whyatt, Executive Chairman
Jim Bain, Finance Director
www.plectrum.co.uk


Aquila Financial                                  Tel: 020 7202 2601
Peter Reilly
www.aquila-financial.com



Notes to editors:

Tunisia

The Nabeul prospection permit was acquired in August 2006. Under the terms
approved by the Tunisian authorities Plectrum has awarded a contract for the
acquisition of 3000km of new 2D seismic data to Compagnie Generale de
Geophysique (CGG). Approval from the Tunisian Environmental Agency to conduct
the survey was received on 12th January 2007. Initial estimates of the block's
four prospective leads indicated a total prospective resource of 126 million
barrels of oil (Plectrum share) with an upside of 605 million barrels oil
(unrisked).

In November, Plectrum completed reprocessing 1000km of older regional seismic 
data over the Nabeul Block. These reprocessed seismic lines show a dramatic
improvement in data quality confirming the earlier levels of prospectivity and
revealing additional prospects on trend with the neighbouring Oudna Field,
located 12km to the west. Plectrum's existing prospect inventory has increased
from 4 to 12 with an improved understanding of prospect geometries and fault
complexity.

Plectrum is working on revised prospective resource estimates based on these new
data and these will be reported to the market in due course.


Australia

Following the award of frontier exploration permits WA-379-P and WA-380-P
Plectrum representatives have met with Government and other statutory bodies in
Western Australia. Plectrum will participate in the Planning Advisory Group set
up to provide a South Coast Regional Marine Strategic Plan for the Government of
Western Australia (first meeting planned for March 2007). The company formally
registered with the Australian Securities and Investments Commission on 30
October 2006 (Australian Registered Body No. 12 495 065).

Plectrum has commissioned RPS to start the tendering process for its planned
3300km 2D seismic programme to be acquired in 2007.


Peru

During 2006 Plectrum entered into joint venture with AiM listed Gold Oil Plc to
convert Promotion Agreement Block Z-34 into an exploration and exploitation
contract. Following company qualification and a period of contract negotiation
the contract was initialed in October and received approval from the Board of
PeruPetro on 5th December 2006. The exploration and exploitation contract has
now been sent to the Ministry of Energy & Mines for Supreme Decree. On receipt
of the formal decree Plectrum will undertake and submit an Environmental Impact
Assessment in respect of seismic acquisition which could take place in late 2007
or early 2008.





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

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