Paladin Says Norwegian Wildcat a Duster

Paladin Resources has completed drilling the wildcat well 9/3-2, located offshore Norway. No indications of hydrocarbons were encountered while drilling.

The main objective of this well was the 'Aimee' Jurassic sandstone Prospect, located approximately 10 kilometers east of the abandoned Yme Field.

The well was drilled to a total depth of 3154 meters. No indications of hydrocarbons were encountered while drilling. Following completion of logging operations, the well will be permanently plugged and abandoned.

The well was drilled using the Maersk Giant jackup. Following completion, the rig will be moved to its next location in block 1/2 to drill the 1/2-2 well in the 'Hummer' Prospect (Production License 143-CS).

The licensees in production license 316 are Pertra AS with 10%; Revus Energy AS with 20%; Talisman Production Norge AS with 30% and Paladin Resources Norge AS as operator with 40%.

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