CGG to Acquire Nabeul 2D Seismic for Plectrum

Plectrum Petroleum PLC

Plectrum has awarded a contract to Compagnie Generale de Geophysique (CGG) to acquire 3000km of 2D seismic data over the Nabeul Block offshore Tunisia. Plectrum has a 50-percent interest in Nabeul.

The vessel MV CGG Princess will acquire the data in the second quarter of 2007 over the entire block, which contains a number of previously identified prospects and leads.

Plectrum also announces that it has recently completed reprocessing 1000km of older regional seismic data over the Nabeul Block. These reprocessed seismic lines(1) show a dramatic improvement in data quality confirming earlier assessments of prospectivity and also reveal additional leads on trend with the neighboring Oudna Field(2), located 12km to the west.

Mike Whyatt, Plectrum's executive chairman, said: "The award of this contract marks a turning point for Plectrum as we move forward into offshore operations. We are reviewing our seismic processing options for the 2007 survey and will update the market accordingly once we have finalized our plans."