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Paladin Resources (PLR)

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Monday 14 June, 2004

Paladin Resources

Norwegian Licensing Award

Paladin Resources PLC
14 June 2004

                             Paladin Resources plc

                      Norwegian 18th Licensing Round Award

Paladin Resources plc announces that its wholly owned subsidiary, Paladin
Resources Norge AS ("Paladin"), has been awarded a 50 per cent interest and
operatorship of four blocks and one part block in the Norwegian 18th Licensing

Paladin (50 per cent) and partners, Pertra AS (30 per cent) and Revus Energy AS
(20 per cent) have been awarded blocks 9/2, 9/3, 9/6 and 10/4, and part-block 9/
5 (in all blocks for stratigraphic horizons down to 200 metres below base
Jurassic) in return for a firm work programme to acquire at least 800 square
kilometres of 3D seismic in blocks 9/6 and 10/4 and to drill one exploration
well to the pre-Jurassic within four years of licence award.

The blocks lie in the relatively under-explored Egersund Basin ca.100 kilometres
to the south west of Stavanger. However, the presence of hydrocarbons is proven
in the area, primarily by the Yme Field, a 39 degree API oil discovery in Middle
Jurassic sandstones with some 280 million barrels of oil originally in place.
This field, which lies within the awarded blocks, was developed using a leased
jack-up rig and floating storage vessel in 1996, but was abandoned in 2001,
having recovered 51 million barrels of oil. Field production rates prior to
abandonment were 22,000 barrels of oil per day.

A number of Middle Jurassic prospects with standalone potential, analogous to
the Yme Field, have been identified on the existing seismic data base. In
addition, preliminary analysis indicates that there may be scope for
redevelopment of the Yme Field using innovative contractual arrangements and
latest production well technologies to improve recovery factors. Both the
exploration potential and Yme redevelopment options will be evaluated in detail
in the coming months.

Roy Franklin, Chief Executive of Paladin Resources plc, commented:

"This operated licence award constitutes a significant addition to our Norwegian
portfolio; in a relatively under-explored proven hydrocarbon basin, the
identified exploration prospects are of a size that is material for a company
such as Paladin and well  worth pursuing aggressively, as is the possibility of
redeveloping Yme."

                                                                    14 June 2004


Paladin Resources plc                                Tel. 020 7024 4500
Roy A.Franklin, Chief Executive
Cuth McDowell, Finance Director

College Hill                                         Tel. 020 7457 2020
James Henderson
Nick Elwes

                      This information is provided by RNS
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