Plectrum Announces Intention to Convert Nabeul Permit in Tunisia

07-25-2007

Plectrum Petroleum announces 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."