PPE Proven

RNS Number:7174A
Plectrum Petroleum PLC
24 July 2007

Press Release

For immediate release: 24 July 2007

Plectrum Petroleum Plc


             Plectrum announces intention to convert Nabeul Permit

Plectrum is pleased to announce that its wholly owned subsidiary, REAP Tunisia
GmbH, has notified the Tunisian authorities of its intention to convert the
Nabeul Prospection Permit into an Exploration Permit. This follows the
successful acquisition of 3,178 km of 2D marine seismic reflection data which
was completed ahead of schedule and within budget on 23rd June 2007.

The data gathered from the just completed seismic programme will provide a much
higher definition of the twelve prospects already identified from reprocessed
existing 2D seismic data.

Mike Evans, Plectrum's Chief Operating Officer said:

"The successful completion of our recent seismic survey fulfills our commitment
under the Prospection phase of the license. The raw data has been shipped to
Fugro Seismic Imaging Ltd in Swanley, England, where we anticipate 12-14 weeks
of processing before interpretation can begin."

"Even without the interpreted new seismic data we are already sufficiently
encouraged by the prospectivity previously identified to convert the Prospection
Permit into an Exploration Permit."


For further information, please contact:

Plectrum Petroleum Plc                                 www.plectrum.co.uk
Mike Whyatt, Executive Chairman                        01330 826710
Mike Evans, Chief Operating Officer

Aquila Financial Limited                               www.aquila-financial.com
Peter Reilly                                           020 7202 2601
Yvonne Fraser                                          020 7202 2609

Blue Oar Securities
Rhod Cruwys/Romil Patel                                020 7448 4400


Notes to Editors

Nabeul Prospection Permit was granted to REAP Tunisia GmbH on 24th Jan 2006 for
a period of two years.

REAP Tunisia GmbH notified the "Ministere de l'Industrie de l'Energie et des
PME" on 9th July 2007 of it's intention to transform the "Permis de Prospection"
into a "Permis de Recherche" on the 24th January 2008, in accordance with
Article 9 of the "Protocol D'Accord".

Exploration Permits are granted for 5 years and require the drilling of a
mandatory well. Two further licence extension periods of 4 years each are
obtainable, each requiring a well to be drilled.

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




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

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