Paladin Resources PLC
03 December 2003
Paladin Resources plc
Award of Production Licences in the
Norwegian Predefined Areas 2003 Licensing Round
Paladin Resources plc announces that its wholly owned subsidiary, Paladin
Resources Norge AS ("Paladin"), has been offered participation in three
Production Licences in the Norwegian North Sea in the Predefined Areas 2003
Licensing Round, the results of which were announced on 1 December.
Details of the Production Licences offered to Paladin are as follows:
A 100 per cent interest in, and operatorship of, Block S 7/11 (stratigraphic
horizons above the Cretaceous). This block lies immediately to the north of
Block 1/2 (Paladin 65 per cent), which contains an extension of the UK Blane
discovery as well as undrilled prospects at Tertiary and deeper levels. An
exploration well is planned for this block in 2004.
A 40 per cent interest in Block 30/12, adjacent to Licences PL266 and PL267
(Paladin 10 per cent) in which an exploration well is planned for drilling in
2004. Paladin's partner and operator of Block 30/12 is Norsk Hydro.
A 20 per cent interest in Block S 16/10, immediately to the north of Licence
PL271 (Paladin 20 per cent), which contains a number of identified leads
currently being mapped using recently acquired 3-D seismic data. Paladin's
partners in Block S 16/10 are Norsk Hydro (40 per cent and operator) and DONG
(40 per cent).
There are no firm drilling commitments associated with any of these awards.
Roy Franklin, Chief Executive of Paladin Resources plc, commented:
"We are pleased to have been awarded these blocks which complement our existing
Norwegian acreage position. With limited commitments, we have secured protection
acreage adjacent to existing Paladin blocks in which there is planned
exploration drilling activity."
3 December 2003
Paladin Resources plc Tel: 020 7024 4500
Roy Franklin, Chief Executive
College Hill Tel: 020 7457 2020
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