15 February 2007

Plectrum Petroleum Plc
("Plectrum", "The Company", or "The Group")
Plectrum and Gold Oil formally awarded an Exploration & Exploitation Contract covering Block Z-34, Offshore Peru

Plectrum is pleased to announce that the Company, together with its AIM listed joint venture partner, Gold Oil Plc (Gold), has been awarded an Exploration Licence covering Block Z-34, offshore Peru.

On 8 June 2006, Plectrum announced that it had agreed to form a joint venture with Gold in respect of Block Z-34, jointly giving notice to convert Gold's existing Promotion Agreement into a 30 year Exploration & Exploitation Licence.

Final completion of the transaction was subject to the qualification of both companies as approved contractors and the negotiation and approval of the Exploration Licence terms by the Peruvian authorities. All negotiations and approvals have been successfully completed and the Supreme Decree for Block Z-34 has now been published in the Official Journal in Lima.

Mike Whyatt, Plectrum Petroleum's Executive Chairman, said:

"We are delighted to have received the Supreme Decree for the award of Z-34 and can now move forward with our plans to evaluate this prospective offshore Block".

For further information, please contact:

Plectrum Petroleum Plc 01330 826710
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 2601
Peter Reilly
www.aquila-financial.com

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(1). 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 500km 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 has made a commitment to PeruPetro to "acquire, process & interpret 2,000km lines 2D seismic" during the initial 18 month licence period. Plectrum's financial commitment to this programme is £1.9mm, after which a decision will be made as to whether further onward investment in justified.

Plectrum Petroleum Plc is an AIM listed exploration and production company.

Plectrum's strategy is to seek out offshore exploration activities around the globe that can be significantly de-risked before drilling by the application of innovative technologies such as controlled source electromagnetic (CSEM) imaging.

Plectrum now has offshore exploration interests in Tunisia, Peru, the UK and Western Australia.

Note 1: Higley D (2004), The Talara Basin Province of Northwestern Peru: Cretaceous-TertiaryTotal Petroleum System: U.S. Dept. of the Interior, U.S. Geological Survey Bulletin 2206-A