Plectrum updates Nabeul block activity

Plectrum Petroleum Plc. has acquired the remaining 10% of REAP Tunisia GmbH. In June 2006, Plectrum acquired 90% of the company, which resulted in Plectrum's acquisition of 50% interest in the Nabeul block offshore Tunisia.

Offshore staff

LONDON -- Plectrum Petroleum Plc. has acquired the remaining 10% of REAP Tunisia GmbH. In June 2006, Plectrum acquired 90% of the company, which resulted in Plectrum's acquisition of 50% interest in the Nabeul block offshore Tunisia.

Since the June acquisition, reprocessed seismic data over Nabeul has increased the number of prospects from four to 12. A 3,000-km (1,864-mi) 2D seismic survey over the block is scheduled to begin in Q3 2007.

On Plectrum's behalf, TRACS International has reviewed the prospects and reported that prospect No. 1 could contain mean prospective resources of 71 MMbbl of oil, and prospect No. 4 could contain 82 MMbbl.

3/8/2007

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