Plectrum Gets Okay to Acquire Interest in, Operate Nabeul Block

Plectrum Petroleum Plc

Plectrum said that it has received the approval of the Tunisian Ministry Of Industry, Energy, and Small and Medium Size Companies, for the acquisition of a 50 per cent interest and the operatorship of the Nabeul Block offshore Tunisia, through the purchase of 90 per cent of the issued share capital of REAP Tunisia GmbH ("REAP Tunisia").

Plectrum previously announced on 12 June that it had reached agreement for the acquisition of REAP Tunisia for a consideration of £250,000, an agreement to spend £2.5 million on a work program and an overriding royalty interest in the Permit. Entreprise Tunisienne d'Activites Petrolieres ("ETAP"), the Tunisian Government's oil and gas company, has the remaining 50 per cent in the Block.

The Nabeul Block is located in the Gulf of Hammamet, adjacent to existing oil producing concessions. The Company's proposed work program includes the reprocessing of existing seismic data, the acquisition of conventional modern 2D seismic and modelling to confirm the suitability of Electro-Magnetic (EM) Imaging and Marine Magnetotelluric (MMT) in the Block.

“We are delighted to have received approval from the Tunisian authorities for this acquisition so quickly,” said Mike Evans, Plectrum’s chief operating officer. “This highly prospective acreage is well suited for the adoption of our strategy of de-risking deepwater prospects through implementing newly emerging technologies such as Electro-Magnetic Imaging techniques. We are looking forward to starting work with ETAP and playing a key role in further expansion in this proven petroleum province.”