Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fletcher Energy Seeks Resolution of Petroz Funding


Fletcher Challenge Energy
Seeks Resolution of Petroz Funding Needs

AUCKLAND, 6 October 2000 – Fletcher Challenge Energy today expressed its disappointment at the decision by shareholders of Petroz NL to reject the proposed alliance between the two companies. The proposal would have seen Fletcher Challenge Energy take a cornerstone shareholding in Petroz, ensuring there were adequate funds available to meet the forthcoming capital calls for the development of the Bayu Undan project. Through an option exercised earlier this week, Fletcher Challenge Energy holds 13.04 per cent of Petroz NL.

Greig Gailey, Chief Executive Officer of Fletcher Challenge Energy, explained the rationale of the proposed alliance, saying “This arrangement was a firm proposal to enable Petroz to take advantage of Fletcher Challenge Energy’s financial and technical strengths, and to meet the forward funding demands for the successful development of Bayu Undan.”

The funding requirement must be addressed if Petroz shareholders are to participate in the development of this field. As a major shareholder in Petroz, Fletcher Challenge Energy is keenly interested in how this problem will now be resolved.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news