PPE Proven

RNS Number:4426F
Cairn Energy PLC
10 October 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR
               FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN


10 October 2007


   Recommended offer for Plectrum Petroleum Plc declared unconditional in all
                                    respects

On 7 September 2007, Capricorn Oil & Gas Limited (a subsidiary of Cairn Energy
PLC) ("Capricorn") announced the terms of a recommended cash offer to be made by
Jefferies on behalf of Capricorn for the entire issued and to be issued share
capital of Plectrum Petroleum Plc ("Plectrum Petroleum") at a price of 13 pence
per Plectrum Petroleum Share. The Offer Document containing details of the Offer
was posted to Plectrum Petroleum Shareholders on 18 September 2007.

The Board of Capricorn is pleased to announce that all conditions of the Offer
have now been satisfied or waived and that the Offer is declared unconditional
in all respects. Total valid acceptances, together with Plectrum Petroleum
Shares otherwise acquired by Capricorn, represent in aggregate, approximately
88.9 per cent. of the existing share capital of Plectrum Petroleum. The Offer
remains open for acceptance until further notice.

Level of Acceptances

The Board of Capricorn announces that, as at 1.00 p.m. on 9 October 2007 (being
the first closing date of the Offer), valid acceptances of the Offer had been
received in respect of a total of 106,838,456 Plectrum Petroleum Shares,
representing approximately 84.2 per cent. of the Plectrum Petroleum Shares to
which the Offer relates.

The total of acceptances includes valid acceptances of the Offer received in
respect of, in aggregate, 37,073,391 Plectrum Petroleum Shares, representing
approximately 20.6 per cent. of the existing issued share capital of Plectrum
Petroleum, in respect of which irrevocable undertakings to accept the Offer had
been received as at 7 September 2007.

Share purchases and irrevocable undertakings to accept the Offer

As at 17 September 2007 (being the latest practicable date prior to the posting
of the Offer Document), Capricorn had acquired 53,540,000 Plectrum Petroleum
Shares, representing approximately 29.7 per cent of the existing issued share
capital of Plectrum Petroleum.

In addition, as at 17 September 2007 (being the latest practicable date prior to
the posting of the Offer Document), Capricorn had received irrevocable
undertakings from the Plectrum Petroleum Directors that own Plectrum Petroleum
Shares and certain other Plectrum Petroleum Shareholders to accept the Offer in
respect of, in aggregate, 42,073,391 Plectrum Petroleum Shares, representing
approximately 23.3 per cent. of the existing issued Plectrum Petroleum Shares.

Capricorn has now received valid acceptances in respect of 37,073,391 Plectrum
Petroleum Shares which were subject to the irrevocable undertakings referred to
above. Capricorn has not yet received valid acceptances in respect of 5,000,000
Plectrum Petroleum Shares which are the subject of the irrevocable undertaking
to accept the Offer given by Gartmore Investment Limited in respect of, in
aggregate, 19,446,428 Plectrum Petroleum Shares.

As at the close of business on 9 October 2007 Jefferies had a short position of
20,916 Plectrum Petroleum Shares.

Save as disclosed herein, no Plectrum Petroleum Shares have been acquired or
agreed to be acquired by or on behalf of Capricorn or any person acting in
concert with Capricorn during the Offer Period and neither Capricorn nor any
person acting in concert with Capricorn has the benefit of any irrevocable
commitment or letter of intent in respect of any Plectrum Petroleum Shares or
has any interest in any Plectrum Petroleum Shares, or any short position
(whether conditional or absolute and whether in the money or otherwise and
including any short position under a derivative), any agreement to sell, any
delivery obligation, any right to require another person to purchase or take
delivery in respect of any Plectrum Petroleum Shares, any right to subscribe for
any Plectrum Petroleum Shares or any stock borrowing or lending arrangement in
respect of any Plectrum Petroleum Shares.

Settlement of consideration

Settlement of cash consideration due under the Offer will be despatched (or, in
the case of Plectrum Petroleum Shareholders holding Plectrum Petroleum Shares in
uncertificated form, will be credited through CREST), within 14 days in respect
of Plectrum Petroleum Shares for which acceptances of the Offer, valid in all
respects, have already been received.

De-listing and compulsory acquisition of Plectrum Petroleum Shares

If Capricorn receives acceptances under the Offer in respect of, or otherwise
acquires, 90 per cent. or more of both of the nominal value of the Plectrum
Petroleum Shares to which the Offer relates and of the voting rights carried by
such Plectrum Petroleum Shares, Capricorn intends to exercise its rights
pursuant to the provisions of sections 979 to 982 (inclusive) of the Companies
Act 2006 to acquire compulsorily the remaining Plectrum Petroleum Shares to
which the Offer relates, in respect of which the Offer has not been accepted, in
each case on the same terms as the Offer.

Further to the Offer being declared unconditional in all respects, Capricorn
will now procure that Plectrum Petroleum applies, as soon as practicable, to the
London Stock Exchange for the cancellation of the admission to trading of
Plectrum Petroleum shares on AIM. Delisting will significantly reduce the
liquidity and marketability of any Plectrum Petroleum Shares not acquired under
the Offer at that time.

Following the cancellation of the admission to trading of Plectrum Petroleum's
Shares on AIM, Plectrum Petroleum may be re-registered as a private company in
due course.

Further acceptances

Plectrum Petroleum Shareholders who wish to accept the Offer, but have not yet
done so, are strongly encouraged to complete and return a Form of Acceptance in
accordance with the instructions set out in the Offer Document. If Plectrum
Petroleum Shares are held in CREST, acceptance should be made electronically so
that the TTE instruction settles as soon as possible.

Terms defined in the Offer Document dated 18 September 2007 have the same
meaning in this announcement.

ENQUIRIES

For further information contact:

Cairn Energy
Mike Watts                     0131 475 3000
Jann Brown
Simon Thomson

Jefferies
Richard Kent                    020 7618 3713



This announcement is not intended to and does not constitute, or form any part
of, any offer to sell or any solicitation of any offer to purchase or subscribe
for any securities or the solicitation of any vote or approval in any
jurisdiction. Any acceptance or other response to the Offer should be made only
on the basis of the information contained or referred to in the Offer Document
and (in the case of Plectrum Petroleum Shares held in certificated form) the
Form of Acceptance.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of their relevant jurisdiction.  Such
persons should inform themselves of, and observe, any applicable legal or
regulatory requirements of their jurisdiction.  Further details in relation to
overseas shareholders will be contained in the Offer Document.

Unless otherwise determined by Capricorn, and subject to any dispensation
required from the Panel, the Offer is not being made, directly or indirectly, in
or into or by the use of the mails of, or by any means or instrumentality
(including, without limitation, telephonically or electronically) of interstate
or foreign commerce of, or through any facilities of a national securities
exchange of, the United States, Canada, Australia or Japan or any other
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction. Accordingly, copies of this announcement are not being, and
must not be mailed or otherwise forwarded, distributed or sent in, into or from
the United States, Canada, Australia or Japan and all persons receiving this
announcement (including nominees, trustees and custodians) must not mail or
otherwise forward, distribute or send it in, into or from the United States,
Canada, Australia or Japan. Doing so may render invalid any purported acceptance
of the Offer.  Notwithstanding the foregoing, Capricorn retains the right to
permit the Offer to be accepted and any sale of securities pursuant to the Offer
to be completed if, in its sole discretion, it is satisfied that the transaction
in question can be undertaken in compliance with applicable law and regulation.

Jefferies, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively as financial adviser to
Cairn Energy and Capricorn and no one else in connection with the Offer and will
not be responsible to anyone other than Cairn Energy and Capricorn for providing
the protections afforded to clients of Jefferies or for providing advice in
relation to the Offer.








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