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Paladin Resources (PLR)

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Wednesday 06 April, 2005

Paladin Resources

Acquisition of Interests

Paladin Resources PLC
06 April 2005

Paladin Resources plc
("Paladin" or "the Company")

US$1.6 million acquisition of interests in Block 22/19a, containing the Fiddich

Paladin Resources plc announces that its wholly owned subsidiary, Paladin Expro
Limited, has signed a Sale and Purchase Agreement with Elf Exploration UK plc
(an affiliate of Total E&P UK plc), to acquire their 19.2366 per cent
non-operated interest in Licence P.357 (Block 22/19a) in the UK Central North
Sea ("the Licence").

The consideration is US$1.6 million in cash, subject to adjustments for working
capital as at the effective date of 1 January 2005 and for cash flows in the
period between the effective date and completion, which is expected to take
place by the end of the second quarter of 2005. The acquisition is subject to
partners' rights and approvals and to the consent of the UK regulatory

Block 22/19a contains the Fiddich gas and condensate discovery, which lies
approximately 20 km to the south east of the Paladin-operated MonArb Fields. The
Fiddich discovery well, 22/19a-1, which was drilled in 1984, encountered a 342
ft gas column in Triassic Skagerrak sandstones which tested at aggregate rates
of 38.3 MMscf/d and 3,750 bbl/d of 42degrees API condensate.   Subject to
detailed engineering studies, Fiddich is a further potential development project
within Paladin's core area in the North Sea, offering significant potential
synergy with its existing operated business.

The Company is also at an advanced stage in negotiations with Nippon Oil
Exploration and Production U.K. Limited ("NOEPUK") to acquire additional
interests in the Licence to raise its ownership to 52 per cent and to secure
operatorship. Following completion of these transactions, partner interests in
the Licence would be Paladin Expro Limited (operator) 52 per cent, NOEPUK 38 per
cent and Noble Energy (Europe) Ltd 10 per cent.

Roy Franklin, Chief Executive of Paladin, commented:

"Fiddich is an attractive gas condensate discovery with a number of alternative
development options, including subsea tieback to either the Paladin-operated
Montrose platform or to other infrastructure hubs. The acquisition of this
interest in Block 22/19a further consolidates our acreage position in our core
operated area."

6 April 2005


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

  Colin Reid, General Manager, UK                       Tel: 01224 615600

  College Hill                                          Tel: 020 7457 2020
  Jim Joseph
  Ben Brewerton

                      This information is provided by RNS
            The company news service from the London Stock Exchange                   R