Paladin Receives Okay for Exploration on License 316

The Petroleum Safety Authority Norway (PSA) has granted Paladin Resources Norge AS a consent to carry out exploration drilling of well 9/3-2 with the jackup, Maersk Giant. The well is located in the southern North Sea, approx. 120 km southwest of Egersund.

The activity will start when the facility has completed an assignment for Talisman on the Varg field, and has an expected duration of 36 days. Water depth at the site is 101 meters.

The Maersk Giant can operate in water depths up to 107m and has accommodates for 87 people. The facility obtained an Acknowledgement of Compliance in February of 2002.

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