Oil and gas explorer Plectrum Petroleum says it is talking to potential industry partners at its Nabeul offshore Tunisian prospect.

AIM-listed Plectrum, an exponent of ‘CSEM imaging’ to detect deposits below the seabed, nearly doubled its loss last year to £2.2 million, but still has £6 million in the bank, having raised £2.5 million at 14p last May. In a ‘transitional year’, the Aberdeen-based company, steered by executive chairman Mike Whyatt and operations director Mike Evans, secured a 50 per cent stake in Nabeul, which it claims has possible prospective attributable resources of 202 million barrels of oil.

Plectrum also has potentially significant exploration permits in Western Australia’s offshore Bremer Basin and a half-share with Gold Oil in Peru’s offshore Talara Basin, where the company suggests prospects could be impressive. Whyatt says the company seeks to have between 50 and 100 per cent of any project and, while welcoming partners once its potential has been proved, would prefer not to deal with a major oil corporation if that meant sharing its overheads.

Floated at 5p two years ago by broker Corporate Synergy, Plectrum shares hit 17.5p last May and now stand at 10.5p, valuing the company at £19 million. In the short term, the shares are a punt on an advantageous Tunisian deal.

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Plectrum in Tunisia talks			29/03/2007