Paladin Closes Acquisition of Ross Field
|Friday, November 01, 2002
Paladin Expro Limited has completed the acquisition of Kerr-McGee Resources (U.K.) Limited's 14.49 percent fixed unitized interest in the Ross Field in the UK Central North Sea. Paladin acquired the Ross Field stake for $22 million in cash.
The acquisition is part of the company's plan to boost its UK production to 4,000 barrels per day. The Ross field was brought on stream in 1999 and production is forecast to continue until 2011.