Plectrum Completes REAP Tunisia Acquisition
Plectrum Petroleum plc has acquired the remaining 10 percent of REAP Tunisia GmbH that it did not already own for a nominal amount.
In June 2006, Plectrum acquired 90 percent of REAP Tunisia and thereby acquired a 50% interest in the Nabeul Block ('Nabeul') offshore Tunisia.
Since the acquisition in June 2006, reprocessed seismic data over Nabeul has increased the number of prospects from four to twelve and a 3,000 km 2D seismic survey over the block will commence in Q3 2007. In addition, on Plectrum's behalf, TRACS International ("TRACS") have reviewed the prospects and reported that two of the prospects, prospects 1 and 4, could contain mean prospective resources of 71 million barrels of oil and 82 million barrels of oil respectively and have a combined Expected Monetary Value ("EMV") of US$163 million at a US$50/barrel price. The total EMV of the 12 prospects estimated by TRACS is $249 million.
Plectrum will be announcing its preliminary results for the year ended 31 December 2006 on Thursday 29 March 2007. These results will include a summary of the Company's prospective resources in Nabeul as reported by TRACS.
A research report commissioned by the Company has been published by Growth
Equities and Company Research and will shortly be available on Plectrum's
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Company: Plectrum Petroleum more info
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