PPE Proven

RNS Number:3163R
Plectrum Petroleum PLC
15 February 2007


PRESS RELEASE


For immediate release: 15 February 2007


Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group")


 Plectrum and Gold Oil formally awarded an Exploration & Exploitation Contract
                       covering Block Z-34, Offshore Peru


Plectrum is pleased to announce that the Company, together with its AIM listed
joint venture partner, Gold Oil Plc (Gold), has been awarded an Exploration
Licence covering Block Z-34, offshore Peru.


On 8 June 2006, Plectrum announced that it had agreed to form a joint venture
with Gold in respect of Block Z-34, jointly giving notice to convert Gold's
existing Promotion Agreement into a 30 year Exploration & Exploitation Licence.
Final completion of the transaction was subject to the qualification of both
companies as approved contractors and the negotiation and approval of the
Exploration Licence terms by the Peruvian authorities. All negotiations and
approvals have been successfully completed and the Supreme Decree for Block Z-34
has now been published in the Official Journal in Lima.


Mike Whyatt, Plectrum Petroleum's Executive Chairman, said:


"We are delighted to have received the Supreme Decree for the award of Z-34 and
can now move forward with our plans to evaluate this prospective offshore
Block".

For further information, please contact:


Plectrum Petroleum Plc                   01330 826710

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 2601

Peter Reilly

www.aquila-financial.com


Notes to editors


Block Z-34 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
3,713 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. The initial work programme will be to acquire
a conventional modern 2D seismic grid and enhance these data with Electro
Magnetic (EM) studies.


Plectrum has made a commitment to PeruPetro to "acquire, process & interpret
2,000km lines 2D seismic" during the initial 18 month licence period. Plectrum's
financial commitment to this programme is #1.9mm, after which a decision will be
made as to whether further onward investment in justified.


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 technologies such as controlled source electromagnetic (CSEM)
imaging.


Plectrum now has offshore exploration interests in Tunisia, Peru, the UK and
Western Australia.


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




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

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