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Fletchers Gas Sales Agreements With Methanex

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


Fletcher Challenge Energy Signs Gas Sales Agreements With Methanex


AUCKLAND, 21 December 2000 - Fletcher Challenge Energy has signed two gas sales agreements with Methanex New Zealand Limited.

The first sales agreement is for the 20 petajoules of gas that will be supplied primarily from the existing McKee field. The supply commenced in early December and continues for a period of almost three years.

The second sales agreement provides for the delivery of Mangahewa gas from the start-up of production from that field through to October 2002. Fletcher Challenge Energy is proceeding with the development of the onshore Taranaki Mangahewa gas field and the field is expected to be on-stream by July 2001.

The Mangahewa field was discovered by Fletcher Challenge Energy in 1997 with the drilling of the Mangahewa-2 well. The agreement with Methanex provides for an early start-up of the Mangahewa field and will deliver accelerated gas and condensate revenues. The development of the new field will improve New Zealand’s diversity of gas supply.

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