Paladin Sells Stake in License PL316 to Pertra
Paladin has signed a Sale and Purchase Agreement with Pertra under which Pertra will acquire a 10 per cent interest in Paladin-operated License PL316. As a result, Paladin's equity in the License will reduce from 50 percent to 40 percent.
As consideration for the transfer of the interest, Pertra will carry Paladin through its share of the costs of the forward work program up to a total of US$35 million, net to Paladin's 40 per cent share, from an effective date of July 1, 2005. These costs can include exploration, appraisal, and development drilling, seismic acquisition and any other related expenditure. The transaction is subject to the approval of the Norwegian regulatory authorities.
Paladin has contracted a rig to drill an exploration well in the License area on the Aimee Prospect during the fourth quarter of 2005 at an estimated gross cost of US$16 million and is currently acquiring a 3D seismic survey, which will be used to evaluate other prospects within the area. In addition, Paladin is undertaking pre-project studies for re-development of the decommissioned Yme Field, which also lies within the License area.
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