Paladin Wins Three Licenses in the Recent UK Licensing Round

Paladin Resources has been awarded three Production Licenses comprising six exploration blocks in the Central North Sea in the United Kingdom 21st Offshore Licensing Round.

A 20 percent interest in Blocks 13/22c and 13/27(part), which are situated immediately adjacent to the Ross Field (Paladin 30.82 per cent). Paladin's partners in these blocks are BG International (NSW) Limited (operator with 50 percent) and Intrepid Energy North Sea Limited (30 percent).

A 100 percent interest in Blocks 22/12b, 22/16b, 22/24c and 22/25c, locatedadjacent to the Montrose, Arbroath and Arkwright Fields (Paladin operator with 58.97%).

Roy Franklin, Chief Executive of Paladin, commented: 'We are pleased to have been awarded a number of the blocks for which we applied in the 21st Round.

All are adjacent to existing Paladin-owned infrastructure and in that respect consistent with a deliberate strategy of concentrating our exploration efforts in areas which offer satellite development opportunities to existing Paladin fields.'