Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Paladin Resources (PLR)

  Print      Mail a friend       Annual reports

Tuesday 19 March, 2002

Paladin Resources

Re Acquisitions

Paladin Resources PLC
19 March 2002



                             Paladin Resources plc

                          ("Paladin" or "the Company")

£26 million acquisition of a further 7.5 per cent stake in the Njord Field and a
             20 per cent stake in the Brage Field, offshore Norway



Paladin announces that its wholly owned subsidiary, Paladin Resources Norge AS
("Paladin Norge"), has signed two Sale and Purchase Agreements with the
Norwegian State, represented by the Ministry of Petroleum and Energy: the first
for Paladin Norge to acquire a further 7.5 per cent stake in the Njord Field,
increasing its overall interest to 15 per cent, and the second for Paladin Norge
to acquire a 20 per cent stake in the Brage Field.



The basic consideration for the acquisitions is 325 million Norwegian Kroner
(approximately £26 million) payable in cash on completion. The consideration is
subject to adjustments for interest, for working capital as at the effective
date of 1 January 2002 and for cash flow movements in respect of the period
between the effective date and completion, which is expected to take place
during the second quarter of 2002. The consideration will be satisfied from
Paladin's existing cash resources and bank facilities.



Paladin originally acquired a 7.5 per cent stake in the Norsk Hydro-operated
Njord Field in January 2001 through its acquisition of Petro-Canada's Norwegian
interests. The field, which lies in the Haltenbanken area, offshore mid-Norway,
was brought on stream in 1997 and in 2001 produced at average rates of some
50,000 barrels of oil per day. Oil is produced through a floating production
vessel and exported by tanker.  Production is forecast to continue until at
least 2009.



The Norsk Hydro-operated Brage Field lies between the Oseberg and Troll Fields
in the Norwegian North Sea and was brought on stream in 1993.  In 2001, the
field produced at average rates of approximately 39,000 barrels of oil per day
and some 18 million standard cubic feet of gas per day. Hydrocarbons are
produced through a single steel platform with oil and gas exported through the
Oseberg Transportation System and Statpipe respectively; production is forecast
to continue until at least 2006.



As a result of the transactions, Paladin's production in 2002, on an annualised
basis, is set to increase from some 21,000 barrels of oil equivalent per day to
around 29,000 barrels of oil equivalent per day.



Proven and probable reserves on acquisition as at the effective date of 1
January 2002 would be approximately 13.5 million barrels of oil and NGLs, and 4
billion standard cubic feet of gas. In addition, there is significant potential
for future upgrades from improved recovery, infill drilling, commercialisation
of existing gas reserves and the development of existing nearby discoveries, all
of which would extend field life.



The acquisitions are subject, inter alia, to the approval of the Norwegian
regulatory authorities and Paladin's shareholders.



An Extraordinary General Meeting of Paladin's shareholders will be convened in
due course. Further details of the transactions will be provided in a circular
which will be mailed to shareholders in the near future.





Roy Franklin, Chief Executive of Paladin Resources plc, commented:



"These acquisitions further enhance our position in Norway and highlight the
benefits of being involved at an early stage in the restructuring of the
Norwegian oil and gas industry."



                                                                   19 March 2002


Enquiries:

Paladin Resources plc                                 Tel:     020 7534 2900
Roy A. Franklin, Chief Executive
Cuth McDowell, Finance Director

College Hill                                          Tel:     020 7457 2020
James Henderson
Peter Rigby





                      This information is provided by RNS
            The company news service from the London Stock Exchange