Z-34 Perupetro approval recd

RNS Number:4060N
Plectrum Petroleum PLC
07 December 2006

PRESS RELEASE

For immediate release: 7 December 2006

        Plectrum Petroleum Plc ("Plectrum", "The Company", or "The Group")

   Plectrum and Gold Oil receive Perupetro approval for exploration contract
                                 offshore Peru


Plectrum Petroleum is pleased to announce that it has received approval from
Peru's government-owned oil company Perupetro SA (Perupetro) for an Exploration
and Exploitation Contract covering Block Z-34, Offshore Peru, in conjunction
with its Aim-listed joint venture partner Gold Oil Plc.

The two companies have been in exclusive negotiations with PeruPetro to convert
Gold Oil's previous Promotional Licence into a full Exploration and Exploitation
Contract, with Plectrum taking a 50 per cent interest. PeruPetro approved the 30
year contract on 5 December 2006. Final formal approval from Peru's Minister of
Energy and Mines is expected to follow in the New Year.

Plectrum announced that it had agreed to form a joint venture with Gold Oil in
respect of Block Z-34 on 8 June.

Mike Whyatt, Plectrum's Executive Chairman, said:

"We are delighted to have received approval from Perupetro. Final approval from
the Minister of Energy and Mines in the New Year will allow us to embark on our
initial work programme of acquiring a modern 2D seismic grid and
electro-magnetic studies.

Block Z-34 is adjacent to existing shallow water production concessions in the
Talara Basin, however exploration in the block to date has been minimal. Block
Z-34 fits our strategy of seeking out underexplored offshore exploration
opportunities that can be significantly de-risked before drilling by the
application of innovative technologies such as electro-magnetic imaging"

ENDS


For further information, please contact:

Plectrum Petroleum Plc                                     01330 826 710
Mike Whyatt, Executive Chairman
www.plectrum.co.uk

Aquila Financial Ltd
Peter Reilly                                               020 7202 2601
Ross Bethell                                               020 7202 2603
www.aquila-financial.com

Corporate Synergy                                          020 7448 4400
Oliver Cairns
David Seal


Notes to editors:

Block Z-34 sits in the prolific Talara Basin which has produced to date in
excess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The
3,713 km(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existing
producing concessions in water depths of 100-3000m, yet has a sparse existing
data set of just 500 km 2D seismic. The initial work programme will be to
acquire a conventional modern 2D seismic grid and enhance these data with
Electro-Magnetic (EM) studies.

Plectrum Petroleum Plc is an AIM-listed exploration and production company, 
based in Aberdeen, Scotland. Plectrum's strategy is seek out offshore 
exploration activities around the globe that can be significantly de-risked 
before drilling by the application of innovative technologies such as electro-
magnetic imaging.

Plectrum's portfolio of assets include: Petroleum Exploration Permits for two 
large frontier areas (WA-379-P and WA-380-P) offshore Western Australia; 50 per 
cent interest and operatorship of the Nabeul Block, offshore Tunisia and its 
joint venture with Gold Oil Plc in Block Z-34, offshore Peru.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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