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Paladin Resources (PLR)

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Thursday 15 May, 2003

Paladin Resources

Oil discovery in Denmark

Paladin Resources PLC
15 May 2003


                             PALADIN RESOURCES plc
                                  ("Paladin")

                    Sofie 1 Oil Discovery, Offshore Denmark

The following press release was issued earlier today by the Danish Energy
Authority regarding the Sofie-1 oil discovery in which Paladin Oil Denmark
Limited, a wholly owned subsidiary of Paladin, holds a 30 per cent interest:


"  Oil Discovery in the Siri Area

DONG Efterforskning og Produktion A/S, operator for the oil companies in licence
6/95, has completed the exploration well Sofie-1 (5605/13-3) ca. 20 kilometres 
northeast of the Siri field in the North Sea. The well was drilled with the 
jack-up rig Maersk Gallant.

The well was spudded 3 May 2003 at the location 56degrees34'55.28" N; 05degrees
09'51.18" E (UTM zone 31; 6,273,096 N; 632,936 E), where the water depth is 59
metres.

Sofie-1 was drilled as a vertical well and reached total depth at 1988 metres
below mean sea level in chalk of Danian age. An oil discovery was made in
sandstones of Paleogene age. Cores, logging results and oil samples were
acquired for further evaluation of the discovery.

The Sofie-1 well is now being plugged and abandoned. Maersk Gallant will
subsequently be moved to the Siri production platform, where it will be used for
accommodation during work in preparation for tie-in of the Nini and Cecilie
fields.

The 6/95 licence group consists of the following companies:

Company                                                              Share
DONG Efterforskning og Produktion A/S                                50 %
Paladin Oil Denmark Limited                                          30 %
DENERCO OIL A/S                                                      20 %   "



Commenting on the release, Roy Franklin, Chief Executive of Paladin, said:

"From acquisition in 2001, the performance of our Danish interests has been
excellent. This is further good news - our preliminary analysis would suggest
that the discovery can be developed as a satellite to the Siri Field although
further work will be required to confirm its economic viability."



                                                                     15 May 2003

ENQUIRIES:

Paladin Resources plc                                    Tel: 020 7024 4500
Roy Franklin

College Hill                                             Tel: 020 7457 2020
James Henderson
Phil Wilson-Brown


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