Paladin Resources PLC
16 May 2005
Paladin Resources plc
("Paladin" or "the Company")
Fourth Tunisian Oil Discovery
Paladin announces the discovery and successful testing of oil and gas in its
Nour-1 exploration well in the Adam production concession in southern Tunisia.
The well, operated by ENI Tunisia B.V. ("ENI"), was spudded on 14th March and
encountered an aggregate 48 metres of net oil and gas condensate pay and 10
metres of net gas pay in the Acacus and Tannezuft Formations over a gross
interval of approximately 300 metres at depths of 3,200 to 3,500 metres. These
zones are equivalent to productive zones in the nearby producing Adam, Hawa and
Dalia Fields, discovered by the joint venture during the last 3 years.
During preliminary testing to clean-up the well, oil and gas were produced at
rates of approximately 2,800 bopd and 15.6 mmscfgpd, respectively. The drilling
rig has moved off location and subsequent production testing of all intervals
will commence next week. The well will then be linked to the existing process
and export facilities some 13 km distant. Paladin anticipates that field
production will commence around the middle of this year.
Paladin's current interest in the Adam Concession, which contains the Nour
Field, is 7%.
Roy Franklin, Chief Executive of Paladin, commented:
"This is the Company's fourth consecutive exploration success in Tunisia and,
like earlier discoveries, will be rapidly tied back to the existing facilities.
The Adam concession has become the largest single oil producing concession in
Tunisia and we hope to be able to continue an active investment programme to
build upon that position."
16th May 2005
Paladin Resources plc Tel. 020 7024 4500
Roy A. Franklin, Chief Executive
Cuth McDowell, Finance Director
College Hill Tel. 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange