"Following the reverse takeover by Table Mountain Minerals and renaming as Plectrum Petroleum plc in October 2005, we have been actively seeking out exploration opportunities in various regions around the globe.
I am delighted to say that one of these opportunities has landed since the year end. We announced earlier this week that we had signed a joint venture agreement with Gold Oil plc to explore for oil and gas in the deeper waters of the Talara Basin offshore Peru. Plectrum will have a 50% interest in Block Z34.
In addition, we have submitted applications for two large exploration blocks in southwest Australia and expect to make a license application in the UK 24th Licensing Round which closes in June. We are also currently in negotiations to acquire exploration acreage in North Africa. The outcome of these license applications and negotiations cannot be predicted at this stage, however we are doing all we can to bring these opportunities to a successful conclusion.
I hope to report further progress on these opportunities and our activities in Peru throughout the next 12 months".
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