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Fletcher Challenge Energy appraises Pohokura

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FEG), AUSTRALIA (FLCES), NEW YORK (FEG).

Fletcher Challenge Energy appraises Pohokura discovery

26 April 2000, New Plymouth – Fletcher Challenge Energy and its joint venture partners have agreed to drill an appraisal well at Pohokura, signalling the next phase of exploration of the recent field discovery.

The joint venture was encouraged by results from the Pohokura-1 discovery well which reaffirmed field size estimates of 430 bcf. The discovery well tested at stabilised gas rates of up to 17.0 million cubic feet per day with an associated 1200 barrels of condensate per day, a richer rate than estimated.

“We are keen to begin drilling Pohokura-2 because it will help us determine the structural extent and reservoir quality of the field. It also makes economic sense to take advantage of the presence of the ENSCO 50 rig in New Zealand,” said Greig Gailey, Fletcher Challenge Energy CEO.

Pohokura-2 is expected to spud in early May and is targeting a depth of 3800 metres. It will be drilled approximately 8.5 kilometres offshore, five kilometres North-Northwest of the Pohokura-1 location.

Drilling and logging of Pohokura-2 is expected to take five weeks. An additional period of up to two weeks will be required should production testing be carried out.

Pohokura-2 is the first of at least two appraisal wells that will be required to establish the ultimate commercial potential of the Pohokura field.

“The field covers an area of 37 square kilometres. The Pohokura-1 exploration well was drilled in the approximate centre of the field. With the Pohokura-2 appraisal well we will be testing the northern extent of the field. At this stage we believe that a second appraisal well may be required closer to the coast than the discovery well. However, this requirement will be reviewed in the light of the Pohokura-2 results,” Mr Gailey said.

Once the appraisal programme is successfully completed, it will be a number of months before development options are considered by the joint venture. Development planning would be run in parallel with gas marketing initiatives.

The Pohokura prospect is operated by Fletcher Challenge Energy (33.3%) on behalf of the PEP 38459 Joint Venture comprising of co-venturers; Preussag Energie (33.3%), Shell Petroleum Mining (18.3%) and Todd Petroleum Mining (15%).


To: BUSINESS EDITOR From: STEPHEN JONES
COMMUNICATIONS DIRECTOR
FLETCHER CHALLENGE ENERGY

Fax: AUTO Telephone: 64-9-525 9230 021 629 535
Fax: 64-9-525 9031

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