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Paladin Resources (PLR)

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Thursday 04 March, 2004

Paladin Resources

Drilling Update

Paladin Resources PLC
04 March 2004

                               Paladin Resources plc


           Hawa-1, Southern Tunisia:  Commencement of Oil Production

Paladin announces the commencement of oil production from its Hawa-1 exploration
well in the Adam Concession in southern Tunisia.

The well, operated by ENI Tunisia B.V., was spudded on 18 September 2003 and
encountered an aggregate 46 metres of net oil pay and 9 metres of net gas pay in
Paleozoic formations at a depth of approximately 3,300 metres. These zones are
equivalent to productive zones in the Acacus Formation in the nearby producing
Adam Field, discovered in 2002.

During testing, the oil-bearing intervals produced at a combined rate of 6,200
barrels per day of    41degrees API oil, while the gas-bearing zones produced at
a rate of 14.3 million cubic feet per day, and 1000 barrels per day of

The well has now been put on production to the existing process and export
facilities of Oued Zar Field, 13km distant, operated by Eni Tunisia B.V., and is
currently producing at a rate in excess of 5,000 bbls per day.

Participants in the Adam Concession are as follows: ENI Tunisia B.V. 17.5%; ENI
Tunisia BEK 17.5%; ETAP, the Tunisian state company 30%; Pioneer Natural
Resources Company 28% and Paladin Expro Limited 7%.

Roy Franklin, Chief Executive of Paladin, commented:

"This is an outstanding oil flow rate for the Acacus reservoir in southern
Tunisia and, as a result of extremely rapid pipeline tie-in, gross production
from the Concession has already reached a level of some 9,000 bbls per day. We
anticipate further drilling later in 2004, and with the infrastructure already
in place any further successful wells can be similarly fast-tracked to
production. Ongoing discussions with STEG, the state electricity and gas
transmission company, will also hopefully lead to gas sales from the Concession
in the near term."

4 March 2004


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

College Hill
James Henderson                                             Tel: 020 7457 2020

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

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