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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Proven | LSE:PPE | London | Ordinary Share | GB00B517XC78 | ORD SHS OF 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:8836P Plectrum Petroleum PLC 22 January 2007 22 January 2007 Operational Update Plectrum Petroleum Plc (LSE:PPE), the AiM listed independent oil and gas exploration company, today provides an operational update ahead of its preliminary results for the year ended 31 December 2006, to be announced on 29 March 2007. General - 22,082 km2 of under explored offshore exploration acreage acquired in Tunisia and Australia; equivalent to 90 North Sea licence blocks - Further new venture opportunities under review - Seismic and farm out activity in 2007 and, assuming favourable results, with exploration drilling expected in 2008 Tunisia - Nabeul Permit acquired and 1000km of 2D seismic reprocessed - 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 - 2D seismic acquisition programme to start in 2Q2007, with a view to drilling in first half 2008 - Nabeul farm out process to commence in February Australia - Plectrum granted (100%) frontier exploration permits WA-379-P and WA-380 located in the Bremer sub-basin, offshore Western Australia. - Permits provide access to 18,730 km sq in a large under explored basin - 3,300km seismic programme in planning stage for 2007 acquisition Peru - Exploration Contract for Block-Z34 approved by the Board of PeruPetro and is now awaiting supreme decree. Outlook 2007 will see an intensification of exploration activity in Tunisia and Australia with 2D seismic activity in both areas. The anticipated formal award of Block Z-34 in Peru may also lead to seismic activity before year end. Towards the end of the year the Nabeul Prospection Permit in Tunisia is likely to be converted into an Exploration Permit, with a view to drilling in the first half of 2008. 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 programme 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." Enquiries : Plectrum Petroleum Plc Tel: 01330 826710 Mike Whyatt, Executive Chairman Jim Bain, Finance Director www.plectrum.co.uk Aquila Financial Tel: 020 7202 2601 Peter Reilly www.aquila-financial.com Notes to editors: Tunisia The Nabeul prospection permit was acquired in August 2006. Under the terms approved by the Tunisian authorities Plectrum has awarded a contract for the acquisition of 3000km of new 2D seismic data to Compagnie Generale de Geophysique (CGG). Approval from the Tunisian Environmental Agency to conduct the survey was received on 12th January 2007. Initial estimates of the block's four prospective leads indicated a total prospective resource of 126 million barrels of oil (Plectrum share) with an upside of 605 million barrels oil (unrisked). In November, Plectrum completed reprocessing 1000km of older regional seismic data over the Nabeul Block. These reprocessed seismic lines show a dramatic improvement in data quality confirming the earlier levels of prospectivity and revealing additional prospects on trend with the neighbouring Oudna Field, located 12km to the west. Plectrum's existing prospect inventory has increased from 4 to 12 with an improved understanding of prospect geometries and fault complexity. Plectrum is working on revised prospective resource estimates based on these new data and these will be reported to the market in due course. Australia Following the award of frontier exploration permits WA-379-P and WA-380-P Plectrum representatives have met with Government and other statutory bodies in Western Australia. Plectrum will participate in the Planning Advisory Group set up to provide a South Coast Regional Marine Strategic Plan for the Government of Western Australia (first meeting planned for March 2007). The company formally registered with the Australian Securities and Investments Commission on 30 October 2006 (Australian Registered Body No. 12 495 065). Plectrum has commissioned RPS to start the tendering process for its planned 3300km 2D seismic programme to be acquired in 2007. Peru During 2006 Plectrum entered into joint venture with AiM listed Gold Oil Plc to convert Promotion Agreement Block Z-34 into an exploration and exploitation contract. Following company qualification and a period of contract negotiation the contract was initialed in October and received approval from the Board of PeruPetro on 5th December 2006. The exploration and exploitation contract has now been sent to the Ministry of Energy & Mines for Supreme Decree. On receipt of the formal decree Plectrum will undertake and submit an Environmental Impact Assessment in respect of seismic acquisition which could take place in late 2007 or early 2008. This information is provided by RNS The company news service from the London Stock Exchange END MSCDGGDBUSDGGRB
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