Plectrum Begins 2D Shoot Offshore Tunisia

Plectrum Petroleum plc said that the seismic vessel MV CGG Princess has commenced a 3,000km 2D seismic acquisition program on the Nabeul Permit, offshore Tunisia. The program is expected to take 30 days to complete.

The seismic program is designed to firm up well locations for an initial drilling campaign targeting prospects analogous to adjacent oil fields including the nearby Oudna Field (which has estimated current oil production of over 20,000 barrels per day from a single producer). The program will also target the significant additional prospectivity anticipated within the Nabeul Permit.

Mike Evans, Plectrum's Chief Operating Officer said:

"Our reprocessing of original seismic identified 12 prospects on the Nabeul Block. This seismic data will provide a much higher definition of the prospects and allow us to identify exploration drilling locations."

Oil production commenced from the Oudna field, offshore Tunisia, on November 11, 2006. Production is from a single production well supported by a water injection well both tied back to the IKDAM Floating Production Storage Offloading (FPSO) vessel. The field is operated by Lundin Petroleum AB, and its net oil production from the Oudna field (WI 40%) was 10,100 boepd during Q1 2007."

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