Enterprise Oil has agreed to sell its subsidiary Enterprise Oil Denmark Ltd to Paladin Resources for $35 million plus interest.

Included in the deal are Enterprise Ireland's interest in the producing Siri oilfield and the nearby Stine discovery in the Danish sector of the North Sea. In addition, Paladin will also assume certain liabilities associated with Enterprise Oil's activities in Denmark.

The sale is effective from July 1st, 2001 and is subject to the consent of the Danish Government and the approval of Paladin's shareholders. Completion is expected to take place at the end of September.