Paladin Wins Two Offshore Licenses in Latest UK Licensing Round

Paladin Expro Limited has been awarded two Production Licenses comprising three exploration part-blocks in the United Kingdom 20th Offshore Licensing Round.

A 20 percent interest in Blocks 15/18b and 15/19b, which are situated immediately east of the Piper Field. Paladin's partners in these blocks are EnCana (U.K.) Ltd. (operator with 50 percent) and OMV (U.K.) Ltd. (30 percent).

A 20 percent interest in Block 15/28c, which is situated south west of the Britannia Field and adjacent to the recent Kappa discovery. Paladin's partners in this block are EnCana (U.K.) Ltd. (operator with 55 percent), Tullow Exploration Ltd. (15 percent) and Montrose Industries Ltd. (10 percent).

Roy Franklin, Chief Executive of Paladin, commented: 'We are very pleased to have been awarded three out of the four blocks for which we applied in the 20th Round. The awards reflect the quality of our applications and the strength of our partner groups. This is another step forward in Paladin's development as we build a meaningful exploration program to complement our growing production profile.'