BOIL.L Regulatory News (BOIL)

24 May 2006 12:06

Plectrum Petroleum PLC24 May 2006 Plectrum Petroleum Plc Statement re potential placing The directors of Plectrum Petroleum Plc ('the Company') announce that they arein the process of finalising a fundraising of up to £2.5 million through theissue of new ordinary shares, at a price of 14p per ordinary share (the"Placing"). The proceeds of the Placing will be used to strengthen the Company's balancesheet, which the directors believe will enhance the Company's position whennegotiating offshore exploration licenses and farm in agreements, in particularin relation to the Peruvian offshore exploration license Z34, for which theCompany has recently submitted an application, in conjunction with Gold Oil Plc. The Company will make a further announcement in due course. Contact: Corporate Synergy 020 7448 4400John Prior Aquila Financial LimitedPeter Reilly 020 7202 2601 www.plectrum.co.uk This information is provided by RNS The company news service from the London Stock Exchange