Paladin Awarded Three Norwegian Production License

Paladin Resources Norge AS has been awarded three Production Licenses comprising four exploration blocks in the Norwegian North Sea Awards 2002, which were announced on 28 October 2002.

The blocks are as follows:

  • A 30 percent interest in Blocks 4/1 and 4/2 (PL 288). These blocks are located adjacent to the Norwegian-Danish median line approximately 15 to 20 km north of the Nini Field which is currently being developed as a satellite to the Siri Field (Paladin Oil Denmark Limited 30 percent). Paladin's partners in these blocks are DONG (operator with 40 percent), and Statoil (30 percent)
  • A 30 percent interest in Block 3/7 (PL 289). This block is also located adjacent to the Norwegian-Danish median line. Paladin's partner in this block is DONG (operator with 70 percent).
  • A 20 percent interest in Block 31/4 (PL 291). This block lies immediately to the east of the Brage Field, in which Paladin holds a 20 percent interest. Paladin's partners in this block are the Brage Field partners, with Norsk Hydro as operator (20 percent).

There are no firm drilling commitments associated with the license awards; in each instance, the committed work program involves the reprocessing and interpretation of existing seismic data prior to a decision on whether or not to commit to the drilling of an exploration well.

Roy Franklin, Chief Executive of Paladin Resources plc commented: "This is another encouraging step forward in the development of Paladin's Norwegian business. These blocks offer attractive satellite exploration potential adjacent to producing fields with existing Paladin interests."