The AC/P8 exploration permit lies adjacent to the Laminaria and Corallina Fields, has an area of 604km2 and is located in the Timor Sea approximately 550km WNW of Darwin in water depths of ca. 350-400 meters. An exploration well in the AC/P8 permit to test the North Petalonia prospect is planned to be drilled during the second quarter of 2005.
Following completion of the farm-in, which is subject to the approval of the Australian regulatory authorities, interests in the permit will be Woodside (operator) 66.67 percent and Paladin 33.33 percent. Completion is expected to take place during the second quarter of 2005.
Roy Franklin, Chief Executive of Paladin, commented:
'North Petalonia is an attractive satellite exploration prospect and this acquisition helps to align interests of Woodside and Paladin in the Greater Laminaria area. Paladin and Woodside will continue to examine ways to align their interests further in the Greater Laminaria area in order to realize the full potential of their investments.'
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