Paladin Resources PLC
17 December 2002
PALADIN RESOURCES plc ("Paladin")
The Board of Paladin Resources plc notes the following announcement made today
by the Danish Energy Authority in relation to the Siri oil field, in which
Paladin holds a 30% interest.
"DONG Efterforskning og Produktion A/S, operator for the oil companies in
Licence 6/95, has completed the appraisal well Siri-5/5A (5604/20-8) at the Siri
Field in the North Sea. The well was drilled with the jack-up rig Maersk Gallant
in the part of the Siri Field referred to as "Stine Segment 2".
The well was spudded 21 November 2002 at the location 56degrees28'36.35" N; 04
degrees59'11.28" E (UTM zone 31; 6,261,053 N; 622,359 E), where the water depth
is 59 metres.
Siri-5 was drilled in the southern part of Stine Segment 2. The well reached
total depth at 2108 metres below sea level and finalised in the Vale Formation
just above the Chalk. Siri-5 confirmed the expectations to the presence of oil
in the Paleocene sandstone reservoir in the southern part of the Stine Segment 2
area. Subsequently a deviated side-track, Siri-5A, was carried out in order to
acquire further information about the reservoir and the extent of the oil
The well has now been plugged and abandoned and the drilling unit has been moved
into the Norwegian sector.
Production from Stine Segment 2 was established in the autumn of 2001 through a
horizontal well from the Siri platform. Based on the results from Siri-5/5A the
oil companies plan to drill a further horizontal producer from the Siri platform
to the southern part of Stine Segment 2. The well will be spudded within 1-11/2
months, when Maersk Gallant returns to the Danish sector.
The 6/95-licence group consists of the following companies:
DONG Efterforskning og Produktion A/S 50.000%
Paladin Oil Denmark Limited 30.000%
DENERCO OIL A/S 20.000%
17 December 2002
Paladin Resources plc Tel: 020 7024 4500
Roy A. Franklin, Chief Executive
College Hill Tel: 020 7457 2020
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