Plectrum Petroleum to Farm Out Stake in Nabeul Permit in Tunisia

Plectrum Petroleum has acquired and reprocessed 1000km of 2D seismic on its Nabeul Permit in Tunisia. The permit has prospective oil resources of 126 million barrels (P50 Company Share) and indicates further upside potential of 605 million barrels (unrisked).

Upgraded prospective oil resources being finalized following seismic reprocessing - prospect inventory up from 4 to 12 prospects.

Plectrum will start another 2D seismic acquisition program in the second quarter of 2007 with a view to drilling in first half 2008.

The Nabeul Prospection Permit in Tunisia is likely to be converted into an Exploration Permit. The Nabeul Permit continues to attract growing interest and the company intends to open a data room in February with a view to attracting an industry partner to share cost and risk.

Mike Whyatt, Executive Chairman, commented:

"2006 proved to be a strong year for Plectrum. During the year we built, from scratch, a portfolio of international exploration assets with real potential. Our high working interests and extensive tracts of acreage provide us with the opportunity to undertake selective farm out activity while taking forward our exploration program at pace.

The Company is progressing exploration activity in Tunisia and Australia and is ready to move following receipt of the supreme decree in Peru. We also hope to be drilling on the Nabeul permit in Tunisia in 2008."