Paladin Resources PLC
16 August 2004
Paladin Resources plc
Farm-in to Gryphon Marin, offshore Gabon
Paladin Resources plc announces that its wholly owned subsidiary, Paladin
Resources (Gabon) Limited ("Paladin"), has entered into a participation
agreement with Forest Oil Gryphon Marin B.V. ("Forest"), a wholly owned
subsidiary of Forest Oil Corporation, the Denver based US independent oil and
gas company, under the terms of which Paladin will earn a 20 per cent working
interest in the Gryphon Marin Exploration and Production Sharing Contract ("EPSC
"), offshore southern Gabon.
The Gryphon Marin EPSC has an area of 9,764 square kilometers and lies in
shallow water in a prospective part of the Gabon Coastal Basin, a proven
hydrocarbon province, close to a number of existing oilfields and recent
discoveries. Advances in 3D geophysical processing techniques have contributed
to recent exploration successes in the adjacent acreage, and the partnership
plan to apply such techniques to identify drillable prospects within the
contract area. A forward programme of 3D seismic reprocessing and acquisition of
new 3D seismic surveys is planned for 2004 leading to the drilling of a
commitment exploration well in the second half of 2005.
Following completion of the farm-in , which is subject to the approval of the
Gabonese authorities, partner interests in the permit will be: Forest Oil
Gryphon Marin B.V. (operator) 40 per cent, Petro SA 25 per cent, Paladin
Resources (Gabon) Limited 20 per cent and Energy Africa 15 per cent.
Roy Franklin, Chief Executive of Paladin, commented:
"We are delighted to be making this entry into a prolific hydrocarbon province
and look forward to working with our new partners and the Gabonese Government.
The venture fits well with our stated strategy: the Gabon Coastal Basin offers
relatively low-cost exploration potential in a shallow water area with proven
hydrocarbons where advances in geophysical processing techniques will give us
greater confidence when identifying prospects for drilling. "
16 August 2004
Paladin Resources plc Tel: 020 7024 4500
Roy Franklin, Chief Executive
College Hill Tel: 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange IS