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Paladin Resources (PLR)

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Monday 04 July, 2005

Paladin Resources

Blane Field Approval

Paladin Resources PLC
04 July 2005

Paladin Resources plc

UK and Norwegian Government Approval for Blane Field Development

Paladin Resources plc announces that its wholly owned subsidiary, Paladin Expro
Limited ("Paladin"), and its joint venture partners have received approval from
both the UK and Norwegian Governments for the development of the Blane oil
field, which straddles the UK / Norway median line.

The field is operated by Paladin (25.00%) on behalf of its UK and Norwegian
partners, which include Bow Valley Petroleum (UK) Ltd (12.50%), MOC Exploration
(U.K.) Ltd (14.00%), Eni UK Ltd (13.90%), Eni ULX Ltd (4.10%), Roc Oil (GB) Ltd
(12.5%), Paladin Resources Norge AS (11.70%) and Talisman Energy Norge AS

The Blane Field was discovered in 1989 by well N1/2-1, which encountered an oil
accumulation in the Palaeocene Upper Forties Sandstone. The structure was
successfully appraised in the same year by a well in the UK sector, 30/3a-1.
Perceived trans-boundary complications and commercial difficulties have since
then prevented development progress.

The field will be developed at an anticipated cost of approximately £165 million
by three subsea wells connected to the BP operated Ula Platform, located 34km
North-East of Blane in Norwegian Block 7/12. Ula will provide a full processing
service to Blane, and oil will then be exported from Ula through existing
infrastructure and sold at Teesside, whilst associated gas will be sold offshore
at Ula. Production will start in late 2006, peaking at a rate of over 14,000
barrels per day.

Commenting on the development approval of Blane, and on the development approval
of the Enoch Field also announced today, Roy Franklin, Chief Executive of
Paladin Resources plc, said:

"We are delighted to have received development approvals for both Blane and
Enoch which set new standards in UK and Norwegian cross-border co-operation for
efficient exploitation of remaining resources in a maturing North Sea. Since
taking over the operatorship of Blane and Enoch in March 2004, Paladin has
received wholehearted support and co-operation from all the major stakeholders,
including the DTI in the UK, the MPE in Norway and the joint venture partners
and contractors, enabling timely delivery of these projects."

                                                                   4th July 2005


Paladin Resources plc                                 Tel: 020 7024 4500
Roy A. Franklin, Chief Executive
Cuth McDowell, Finance Director
Colin Reid, UK General Manager                        Tel: 01224 615600
Tim Bushell, Norway General Manager                   Tel: +47 5121 2200

College Hill                                          Tel: 020 7457 2020
Jim Joseph
Ben Brewerton

Notes for Editors

The Blane oil field is located on the UK / Norway median line in UKCS Block 30/
3a (Licence P.111) and NCS Block N1/2 (Licence PL143BS). The field has been
unitised across the median line as follows:

Licences           Owners                       Licence         Unit Shares (%)*
                                              Interests (%)
Licence            P111 Group

P111               Paladin Expro                 30.4893                 25.0012

                   ENI UK                        16.9474                 13.8968

                   ENI ULX                        5.0088                  4.1073

                   MOC                           17.0653                 13.9935

                   Roc                           15.2446                 12.5006

                   Bow Valley                    15.2446                 12.5006

                                                100.0000                 82.0000

Licence PL143BS    PL143BS Group

                   Paladin Norge                 65.0000                 11.7000

                   Talisman Norge                35.0000                  6.3000

                                                100.0000                 18.0000

* calculated using provisional Tract Participations of 82:18

The field will be developed by three subsea wells, drilled in UKCS Block 30/3a,
two of which will produce oil and associated gas, whilst one will be a water
injector. The wells will be serviced by new subsea infrastructure connected to
the BP operated Ula Platform located 34km North-East of Blane in Norwegian Block
7/12. A Blane reception module will be installed on the Ula facility to separate
and meter the Blane produced fluids. Ula will also provide a full processing
service to Blane, including provision of water for injection and high pressure
gas to accelerate and increase oil recovery.

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

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