Nabeul Block Resources Update
March 08 2007 - 2:02AM
UK Regulatory
RNS Number:5559S
Plectrum Petroleum PLC
08 March 2007
PRESS RELEASE
8 March 2007
Nabeul Block Resources Update
Notice of preliminary results
Plectrum Petroleum plc ("Plectrum" or "the Company"), the independent oil and
gas exploration company, is pleased to announce that has acquired the remaining
10 per cent. of REAP Tunisia GmbH ('REAP Tunisia') that it did not already own,
for a nominal amount.
In June 2006, Plectrum acquired 90 per cent of REAP Tunisia and thereby acquired
a 50% interest in the Nabeul Block ('Nabeul') offshore Tunisia.
Since the acquisition in June 2006, reprocessed seismic data over Nabeul has
increased the number of prospects from four to twelve and a 3,000 km 2D seismic
survey over the block will commence in Q3 2007. In addition, on Plectrum's
behalf, TRACS International ("TRACS") have reviewed the prospects and reported
that two of the prospects, prospects 1 and 4, could contain mean prospective
resources of 71 million barrels of oil and 82 million barrels of oil
respectively and have a combined Expected Monetary Value ("EMV") of US$163
million at a US$50/barrel price. The total EMV of the 12 prospects estimated by
TRACS is $249 million.
Plectrum will be announcing its preliminary results for the year ended 31
December 2006 on Thursday 29 March 2007. These results will include a summary of
the Company's prospective resources in Nabeul as reported by TRACS.
A research report commissioned by the Company has today been published by Growth
Equities and Company Research and will shortly be available on the Company's
website.
Enquiries:
Plectrum Petroleum Plc Tel: 01330 826710
Mike Whyatt, Executive Chairman
Jim Bain, Finance Director
www.plectrum.co.uk
Aquila Financial Limited
Peter Reilly Tel: 020 7202 2601
Yvonne Fraser Tel: 020 7202 2609
www.aquila-financial.com
Corporate Synergy Plc
Olly Cairns Tel: 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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