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Paladin Resources (PLR)

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Thursday 16 May, 2002

Paladin Resources

AGM Statement

Paladin Resources PLC
16 May 2002

                             PALADIN RESOURCES plc
                   ("Paladin", "the Company" or "the Group")

Paladin is an oil and gas exploration and production company with interests in
the UK, Danish and Norwegian North Sea, Indonesia and the USA. At today's Annual
General Meeting, Malcolm Gourlay, Chairman of the Company made the following

"2001 was an excellent year for Paladin; turnover, profits, cash flow and
production all reached record highs, materially in excess of the previous year.

The outlook for this year is equally encouraging with the imminent acquisitions
of a further 7.5 per cent interest in the Njord Field and a 20 per cent interest
in the Brage Field from the Norwegian Government, as announced in March. These
acquisitions have now received approval from shareholders and the Norwegian
Ministries of Finance and Energy and all conditions necessary for closing have
been met. They will be completed shortly, and will be accounted for from 1 May

As a result our Scandinavian business is significantly strengthened and current
Group production is boosted to some 33,000 barrels of oil equivalent per day
from 16,000 barrels of oil equivalent per day  this time last year.  We
anticipate production in 2002 to average some 29,000 barrels of oil equivalent
per day, compared with an average of 18,255 barrels of oil equivalent per day in

Positive moves in the long term development of the Company have also been
addressed with the recent acquisition of a further stake in the Goldeneye Field
which is scheduled to come into production in 2004."

                                                                     16 May 2002


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