Information  X 
Enter a valid email address

Paladin Resources (PLR)

  Print      Mail a friend       Annual reports

Tuesday 29 May, 2001

Paladin Resources

North Sea Oil Discovery

Paladin Resources PLC
29 May 2001



                            PALADIN RESOURCES PLC


                           North Sea Oil Discovery


The following press release was issued on 28 May by Talisman Energy Inc.
('Talisman'), the parent company of Talisman Energy (UK) Limited, which is the
operator of UKCS Block 13/29b in which Paladin Expro Limited, a wholly owned
subsidiary of Paladin Resources plc, holds a 20 per cent interest.


Talisman Announces Successful Oil Well Adjacent to Ross Field in the North Sea

The 13/29b-7 ('NESO') exploration well, located five km to the north of the
Ross Field FPSO, was drilled by the Ocean Princess semi-submersible rig and
found an oil column in the Jurassic aged Ross and underlying Parry formations.
The well was tested and flowed at up to 2,200 barrels of oil per day. Talisman
holds an 80 per cent interest in the 13/29b licence block with Paladin Expro
Limited holding the remaining 20 per cent.


The well data indicates that this well has found a northern extension of the
Ross Field into the adjoining acreage. It is believed that incorporation of
this area into the existing Ross Field development, via an additional
development well, will result in additional Ross Field reserves.


Dr. Jim Buckee, President and Chief Executive Officer, Talisman Energy Inc,
commented:


'This good result is the latest in a string of successful North Sea wells for
Talisman and offers further potential for our Ross Field. Discussions will now
take place between the current Ross Field owners and the block 13/29b owners
regarding incorporation of this area into the Ross development.''

Commenting on the announcement, Roy Franklin, Chief Executive of Paladin
Resources plc stated:

'We are delighted with the outcome of the well. We look forward to working
with the current Ross Field owners to maximise the value of this field
extension to our mutual benefit.'

                                                                   29 May 2001

ENQUIRIES:

Paladin Resources plc                            Tel: 020 7534 2900
Roy Franklin, Chief Executive

College Hill                                     Tel: 020 7457 2020
James Henderson