Mike Whyatt, executive chairman of Plectrum Petroleum, said the oil and gas minnow would accelerate its global exploration programme in 2007 after acquiring interests in four regions in 2006.
Banchory-based Plectrum will start work in the second quarter on a 3000-kilometre 2D seismic survey over the Nabeul Block in Tunisia on which it hopes to drill a well in 2008.
The company is tendering for a 3300km 2D seismic programme to be acquired late this year on a block offshore Western Australia. It also hopes to start seismic work in Peru in late 2007 or early 2008.
Plectrum, which employs six people, hopes to use electro-magnetic surveying techniques to reduce the chances of drilling dry wells.
The company also plans to do sufficient preparatory work on two blocks in the UK North Sea for which it holds promote licences to be able to decide within the next two years whether to convert them to full licences or give them up.
Alternative Investment Market-listed Plectrum made pre-tax losses of £2.2m in calendar 2006, up from £1.26m in 2005.
Administrative costs rose 20% to £1.26m reflecting increased activity. The firm charged a full-year goodwill amortisation of £1.25m in respect of the reverse takeover of Plectrum by Table Mountain in 2005, against three months last time.
Plectrum has what Whyatt described as a "healthy" cash balance of £6m, after raising £2.5m by placing 17.9 million shares at 14p each in April.
Shares in Plectrum closed unchanged at 10.5p.
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