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Paladin Resources (PLR)

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Tuesday 07 June, 2005

Paladin Resources

Disposal of Interest

Paladin Resources PLC
07 June 2005

("the Company" or "the Group")

Disposal of Interest in the Njord Field, Norwegian North Sea

Paladin Resources plc announces that its wholly owned subsidiaries, Paladin
Resources Norge AS and Paladin Resources (Norway) Limited (together "Paladin"),
have signed a Sale and Purchase Agreement with E.ON Ruhrgas Norge AS ("E.ON
Norge"), a wholly owned subsidiary of E.ON Ruhrgas AG, under the terms of which
E.ON Norge will acquire Paladin's 15 per cent fixed unitised interest in the
Njord Field and associated licence interests.

The sale price is US$90 million in cash and is subject to adjustments for
working capital as at the effective date of 1 January 2005, and for interest and
cash flow movements from the effective date until completion, which is expected
to take place in the third quarter of 2005. Proceeds from the sale will be
credited to the Company's debt facility, creating enhanced flexibility to fund
further acquisitions and the Group's ongoing organic capital investment

As a result of the sale of Paladin's Njord Field interest, it is anticipated
that 2005 annualised average Group production will be approximately 47,500
boepd. The Group's proven and probable reserve base will reduce by some 16 MMboe
with effect from 1 January 2005.

Completion of the acquisition is subject to the approval of the Norwegian
regulatory authorities and to the approval of the Supervisory Board of E.ON
Ruhrgas AG.

Roy Franklin, Chief Executive of Paladin Resources plc, commented:

"This is a deal very much in line with Paladin's strategy.  The future of the
Njord Field is largely about gas with the gas blowdown project now well underway
and sales scheduled to start in late 2007. This deal gives Paladin a risk-free
premium price for our interest in the field from a buyer with a substantial
downstream European gas business and a different strategic perspective on the
value of uncontracted gas."

                                                                     7 June 2005


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

 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

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