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Paladin Resources (PLR)

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Monday 25 September, 2000

Paladin Resources


Paladin Resources PLC
25 September 2000

                  Paladin Resources plc
              ('Paladin' or 'the Company')
  US$76 million Acquisition of Petro-Canada's Norwegian

Paladin  announces that it has signed Purchase  and  Sale
Agreements  with  Petro-Canada and Petro-Canada  (Norway)
Inc.  (together 'Petro-Canada'), for Paladin  to  acquire
all of Petro-Canada's Norwegian oil and gas interests.

The  consideration is US$76 million in  cash  subject  to
adjustments  for  working  capital,  and  for  cash  flow
movements  and interest from the effective  date  of  1st
July  2000 to completion, which is expected to take place
towards  the end of the year.  The consideration will  be
met  using  a  new  US$125 million  syndicated  revolving
credit  facility  to be led by The Chase Manhattan  Bank,
which  will  replace  Paladin's  existing  US$75  million
credit facility.

Under  a  separate  Subscription Agreement,  Petro-Canada
have  agreed  to  subscribe for 10 million  new  Ordinary
Shares in Paladin at completion at a price of 27.3  pence
per  share  to raise £2.73 million which will  result  in
Petro-Canada holding a 4.75% stake in the Company.

The  assets to be acquired, which currently produce 9,000
barrels of oil equivalent per day ('boepd') net to Petro-
Canada,  comprise non-operated stakes in three fields  as

-    a  9  per  cent  interest  in  the  Statoil-operated
     Veslefrikk Field which lies in the Norwegian sector of
     the North Sea.  This field came on stream in 1989 and is
     currently producing at 42,000 barrels of oil per day
     ('bopd') (3,800 bopd net) with production forecast to
     continue until 2014;

-    a  7.5 per cent interest in the Norsk Hydro-operated
     Njord Field which lies in the Haltenbanken area, offshore
     mid-Norway.  This field came on stream in 1997 and is
     currently producing at 69,000 bopd (5,200 bopd net) with
     production forecast to continue until 2010;

-    a  0.5  per  cent  interest in the  Statoil-operated
     Huldra Field which lies in the Norwegian sector of the
     North Sea.  This is a gas-condensate accumulation that is
     being developed as a satellite to the nearby Veslefrikk
     Field and is due on stream in late 2001.

On  completion  of the transaction, Paladin's  net  daily
production  is  expected  to  increase  to  approximately
17,000 boepd.

Proven and probable reserves acquired as at the effective
date  of  1st July 2000 would be approximately 19 million
barrels of oil and NGLs and 13 billion cubic feet of  gas
with   the  potential  for  significant  future  upgrades
primarily  from  improved recovery, infill  drilling  and
satellite opportunities.

The  Norwegian  oil and gas industry is  currently  in  a
phase    of    substantial   change   with    significant
opportunities  opening up for new  entrants  in  an  area
which   still   offers   huge  growth   potential.    The
acquisition  of  Petro-Canada's assets will  provide  the
Company  with an immediate high quality material presence
from which to take best advantage of such opportunities.

The  acquisition  is  subject  to  the  approval  of  the
Norwegian  regulatory authorities and to Norwegian  State
pre-emptive rights.

An    Extraordinary   General   Meeting   of    Paladin's
shareholders to approve the transaction will be  convened
in  due  course.  Further details will be provided  in  a
circular which will be mailed to shareholders in the near

Roy Franklin, Chief Executive of Paladin, commented

'This acquisition is a significant and exciting step  for
Paladin.   The  deal is cashflow and earnings  enhancing;
we  are acquiring a quality asset base with the potential
for  material reserve upgrades; and we will also be  well
placed  to  build  the business as restructuring  of  the
Norwegian oil and gas industry gathers pace.'

                                        22 September 2000


Paladin Resources plc                        Tel: 020 7534 2900
Roy Franklin, Chief Executive

College Hill                                 Tel: 020 7457 2020
James Henderson
Archie Berens

a d v e r t i s e m e n t