Paladin Resources PLC
18 March 2004
Paladin Resources plc
Completion of US$10 million Acquisition of Interests in Blane and Enoch Fields
Further to the announcement made on 16 January 2004, Paladin Resources plc is
pleased to announce that its wholly owned subsidiary, Paladin Expro Limited ("
Paladin"), has completed the acquisition from companies in the Royal Dutch/Shell
Group of their operated interests in the Blane and Enoch oil discoveries which
are located in the UK Central North Sea, adjacent to the UK/Norwegian median
With immediate effect, Paladin has also assumed operatorship of the discoveries.
The planned new Framework Treaty for cross-border activity combined with
Paladin's involvement on both sides of the median line, presents the Company
with two attractive development opportunities, which will be pursued in the
The consideration paid on completion was US$10 million, funded by drawdown from
existing bank facilities; there were no material adjustments for working capital
as at the effective date of 1 July 2003, or for cash flows in the period between
the effective date and completion.
18 March 2004
Paladin Resources plc Tel: 020 7024 4500
Roy A. Franklin, Chief Executive
Cuth McDowell, Finance Director
College Hill Tel: 020 7457 2020
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