Paladin to acquire North Sea assets from BP and Amerada Hess

UK explorer Paladin Resources announced its plan to acquire $ 153 mm worth of North Sea assets from BP and Amerada Hess. The North Sea assets will include "a portfolio of producing interests in the Arbroath, Montrose and Arkwright fields and surrounding acreage, including Carnoustie and Wood discoveries," the firm said.
Upon regulatory approval slated for second quarter 2003, the firm would assume operatorship.

The North Sea assets are expected to boost the firm's current production by 14,000 bpd. Output from Paladin's existing assets is around 38,000 bpd.
"This acquisition caps our most successful year to date, both operationally and financially. It boosts production and gives us a stronger UK North Sea position," said CEO Roy Franklin.

The company also plans to place 63.56 mm new ordinary shares to raise £ 42 mm ($ 66 mm). For the year ending Dec. 31, 2002, Paladin Resources has forecast a pre-tax profit of not less than £ 64-mm.
"Following the fund raising and this significant addition to our production, we will be well positioned to deliver further consistent and sustainable growth for our shareholders," Franklin added.