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Fletcher Challenge Energy Receives Notice

Fletcher Challenge Energy Receives Notice of Appeal

Auckland, 6 July 2000 – Fletcher Challenge Energy has received notice of the intention of Government-owned utility Genesis to appeal the recent High Court decision that the “ECNZ Heads of Agreement” contract is binding.

“Fletcher Challenge Energy will be taking steps to ensure that the appeal is dealt with as soon as possible as we believe this is in the best interests of all parties,” said Rick Webber, General Manager, New Zealand.

The High Court decision was very firmly in Fletcher Challenge Energy’s favour and the company has always believed that the contract is binding. Fletcher Challenge Energy remains ready to deliver gas on 1 October 2000 under the take-or-pay provisions of the contract and expects Genesis to either take or pay for gas accordingly.

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