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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 | |
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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:6626G Plectrum Petroleum PLC 25 July 2006 PRESS RELEASE For immediate release: 25 July 2006 Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group") Plectrum receives approval for acquisition of 50 per cent interest and operatorship of the Nabeul Block, Offshore Tunisia Plectrum, the innovative oil and gas exploration company formed in 2004, is pleased to announce 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 programme 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 programme 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. Mike Evans, Plectrum's Chief Operating Officer, said: "We are delighted to have received approval from the Tunisian authorities for this acquisition so quickly. 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." For further information, please contact: Plectrum Petroleum Plc 01330 826 710 Mike Whyatt, Executive Chairman Mike Evans, Chief Operating Officer www.plectrum.co.uk Corporate Synergy 020 7448 4400 Oliver Cairns David Seal Aquila Financial Ltd 020 7202 2600 Peter Reilly Vivienne Macey www.aquila-financial.com Notes to editors: The Nabeul Block The Nabeul Block covers 3352 km2 (equivalent to 13 North Sea Blocks) and is in water depths of 250-800m. The initial Prospection Permit phase runs until 24 January 2008 and three further exploration periods of up to five years each are also available. Several prospective structures have already been identified in the Birsa sand fairway play in the Block that are capable of trapping oil volumes in excess of 100 mmboe. Plectrum Petroleum Plectrum Petroleum plc is based in Aberdeen, Scotland and listed on the London Stock Exchange Alternative Investment Market under the ticker 'PPE'. Plectrum intends to make full use of newly emerging technologies such as Electro-Magnetic Imaging as an additional screening tool, applying it to a balanced global portfolio of offshore exploration opportunities in order to high-grade and take forward only the very best exploration prospects. This information is provided by RNS The company news service from the London Stock Exchange END ACQBIGDRBXDGGLS
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