Paladin in buy/sell mode

BHP Billiton will sell its 32% and 25% interests in the producing Laminaria and Corallina fields in the Timor Sea to Paladin Oil & Gas (Australia) for $150 million.

BHP Billiton will sell its 32% and 25% interests in the producing Laminaria and Corallina fields in the Timor Sea to Paladin Oil & Gas (Australia) for $150 million. Both have been developed usingNorthern Endeavour FPSO, moored between the two fields in 385 m of water. Production started in November 1999. Woodside Energy operates the two fields with partner Shell.

Paladin's parent company in Europe, Paladin Resources, recouped $2 million by selling part of its stakes in three Norwegian North Sea license areas close to the median line with the UK. All lie just north of three blocks in BG's PL297 license. BG has an option for a further farm-in pending future exploration activity. BG secured its Norwegian operatorships last December and picked up interests in two more licenses under the recent 18th licensing round.

This August, the company also acquired 60% of the Lundin-operated PL 292 in the central Norwegian North Sea.

11/16/04

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