Paladin Resources PLC
24 September 2003
PALADIN RESOURCES plc
Re: Statement by BG Group
The Board of Paladin notes the announcement made today by BG Group in relation
to the Blake oil field, in which Paladin holds a 2.4% interest:
"BG announces first production from Blake Flank oil development
BG Group - with partners Talisman Energy and Paladin Resources - has announced
first oil from the North Sea Blake Flank development.
First production, which was scheduled for the third quarter of 2003, began on
Monday 22 September. The estimated flow rate was 5200 barrels of oil per day.
The Blake Flank development lies 64 miles from Aberdeen in the Outer Moray
Firth, immediately adjacent to the original BG-operated Blake Channel field,
which was brought on stream in June 2001. BG Group is the field operator and
holds a 44% interest, with Talisman Energy holding 53.6% and Paladin Resources
Speaking today, Jon Wormley, BG Executive Vice President and Managing Director,
UK, said: "The development of Blake Flank was made possible through the
efficient use of existing infrastructure. Achieving first production only ten
months from project sanction is a tribute to the co-operative working of the
Blake partners. Thanks should also go to the contractors and the neighbouring
Ross Field Group, who were instrumental in helping complete the tight project
The Blake Flank facilities are tied into the existing Blake Production Manifold.
The increased oil production rate of the combined development holds the
potential for extending the economic life of the Blake field.
Design, fabrication and installation of the subsea flowlines and umbilicals was
completed by Technip UK Ltd. Subsea controls work was undertaken by Kvaerner
Oilfield Products Ltd, with the subsea Christmas trees being supplied by Cameron
Cooper. Drilling operations were completed, using the Global Santa Fe
semi-submersible rig Glomar Arctic IV".
24 September 2003
Paladin Resources plc Tel: 020 7024 4500
College Hill Tel: 020 7457 2020
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