Paladin Acquires Additional Stake in Block 22/19a
Paladin Resources has signed a Sale and Purchase Agreement with Nippon Oil Exploration and Production U.K. Limited (NOEPUK), to acquire a 32.59317 percent operated interest in License P.357 (Block 22/19a) in the UK Central North Sea. The interest to be acquired is part of an interest which NOEPUK has agreed to acquire from one of the other P.357 licensees and is being acquired on the same terms pro rata as the acquisition being made by NOEPUK.
The base consideration is £0.5 million in cash, subject to adjustments for working capital as at the effective date of November 30, 2004 and for cash flows in the period between the effective date and completion. In addition to the base consideration, two conditional payments may be made. On governmental approval of a field development plan, a payment of £0.6 million will be made and an additional payment of £0.8 million will be made at the point the project reaches its break-even point.
Completion of the transaction is expected to take place by the end of the second quarter of 2005. The acquisition is subject to partners' rights and approvals and to the consent of the UK regulatory authorities.
Block 22/19a contains the Fiddich gas and condensate discovery, which lies approximately 20 km to the south east of the Paladin-operated MonArb Fields.
Following completion of this transaction, partner interests in the License would be Paladin Expro Limited (operator) 51.82975 percent, NOEPUK 38.17025 percent and Noble Energy (Europe) Limited 10 percent.
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