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Paladin Resources (PLR)

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Wednesday 22 August, 2001

Paladin Resources

Proposed Acquisition

Paladin Resources PLC
22 August 2001

                            Paladin Resources plc

                         ('Paladin' or the 'Company')

                       Document re Proposed Acquisition

Further to the announcement dated 9 August 2001, Paladin announces that the
circular in relation to the proposed acquisition of the entire issued share
capital of Enterprise Oil Denmark Limited (the 'Circular') was posted to
shareholders yesterday.

The following statement has been extracted from the current trading and
prospects section of the Circular:

'On 21 March 2001, the Company announced its preliminary results for the year
ended 31 December 2000, stating that record levels of production combined with
strong commodity prices had delivered record financial results. On 23 January
2001, the acquisition of Petro-Canada's Norwegian interests was completed and
this has led to a material uplift in Group production. This increased
production, combined with continuing strong oil and gas prices, has
significantly improved the Group's trading performance over the first half of

Good progress has been made on the Company's UKCS assets. First production was
achieved from the Blake Field in June 2001, two months ahead of schedule with
a ten per cent. saving against budgeted costs. Production efficiency has
improved on the Bittern Field and front-end engineering design contracts have
been awarded for the Goldeneye development, which is expected to receive
project sanction around year-end 2001.

The Company's interests in Indonesia have performed in line with expectations.
In the USA, agreement has been reached with St Mary Land (the Company's
co-venturer) jointly to market the Company's remaining US properties. Bids are
expected to be received in September 2001.

During the first half of 2001 some deferral of Norwegian production was
experienced. In the Njord Field, a production well was closed in during
February due to mechanical problems and was returned to production in May
following a workover. In the Veslefrikk Field, planned infill drilling work
has been deferred until later in the year whilst work on the Huldra Field
tie-in to the Veslefrikk facilities takes place. The subsurface performance of
both fields was in line with the Directors' expectations.

Overall Group production in the first half of 2001 was approximately 15,600
boepd at an average realised price of $25.27 per boe. For the second half of
2001 and the first half of 2002, the Group has entered into a number of oil
price swaps, based on dated Brent: 50,000 bbl per month for July to December
2001 at a price of $24.50 per bbl; 25,000 bbl per month for September to
December 2001 at $25.20 per bbl; and 75,000 bbl per month for January to June
2002 at an average price of $23.61 per bbl. These volumes represent
approximately 15 per cent. of the Group's projected North Sea production over
the period.

Interim results for the Company, which are due to be announced on 18 September
2001, are broadly in line with the Directors' expectations. Additionally, in
view of the expected continued strong oil price and the production profile of
the Company's assets, the Directors believe that the outlook for the current
year and the near term for the Enlarged Group is positive.

The Company continues to plan and evaluate investment decisions and
acquisitions using a long-run Brent oil price in the mid-teens in real 2000
terms. The Directors expect the asset trading market, both in the UK and
overseas, to offer continuing opportunities for the Company to acquire assets
on terms which have the potential to add material value for Shareholders and
contribute to the further development of the Group. '

                                                                22 August 2001


Paladin Resources plc                            Tel: 020 7534 2900

Roy Franklin, Chief Executive

Cuth McDowell, Finance Director

College Hill                                     Tel: 020 7457 2020

Peter Rigby

Archie Berens

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