Plectrum provides operational update

Offshore staff

ABERDEEN, UK -- Plectrum Petroleum Plc has provided preliminary results for 2006.

The company acquired 22,082 sq km (8,526 sq mi) of under-explored offshore acreage in Tunisia and Australia (equivalent to 90 North Sea blocks). Seismic and farm-out activity are planned for 2007. Assuming favorable results, exploration drilling is expected in 2008

In the Nabeul permit offshore Tunisia, the company acquired 1,000 km (621 mi) of 2D seismic data. A 2D seismic acquisition program is to start in 2Q 2007 with plans to drill in first half 2008

Plectrum was granted 100% interest in frontier exploration permits WA-379-P and WA-380 in the Bremer sub-basin offshore Western Australia. The permits provide access to 18,730 sq km (7,232 sq mi) in a large under-explored basin The company plans a 3,300 km (2,051 mi) seismic program for 2007.

2007 will see an intensification of exploration activity in Tunisia and Australia with 2D seismic activity in both areas, the company says.

1/22/2007