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Peak Urges Shareholders To Say “No” To Shell

Media Statement 05 March 2001

Peak Urges Shareholders To Attend Meeting And Say “No” To Shell


Peak Petroleum says the future ownership of Fletcher Energy probably lies in the hands of New Zealand shareholders attending tomorrow’s Fletcher Challenge Meeting.

Although the deadline for lodging proxies and postal votes has passed, Peak says shareholders attending tomorrow’s meeting can withdraw previous proxies and votes, and vote against the Shell bid at the meeting.

Peak Petroleum says it has received strong support for its higher offer for Fletcher Energy from many shareholders.

“It is up to the New Zealand shareholders who can attend the meeting now, “said Peak Chairman Mark Dunphy. “It’s their last chance to vote against the Shell bid, so that they can receive our higher offer.

Mr Dunphy said Peak believed the Shell offer is inadequate and less than fair value. “Our higher bid also represents very attractive value for Peak Petroleum, and we will offer shareholders the opportunity to share in this value.

Mr Dunphy said that as well as offering NZ 70c more per share than Shell, Peak’s proposal is to offer Fletcher Energy shareholders the right to subscribe for a guaranteed allotment of shares in Peak Petroleum.

Shareholders at tomorrow’s meeting should also instruct Fletcher Challenge directors to allow Peak to begin due diligence immediately. This will enable Peak to get its offer on the table as soon as possible.


PEAK HAS STRONG FINANCIAL BACKING

Mark Dunphy said Peak has strong financial support from blue chip local and overseas investors. These include FR Partners, Guinness Peat Group, Accident Compensation Corporation, Arcus Investments, AXA of New Zealand, Elliott Associates of New York and the major Canadian oil and gas company Penn West Petroleum.

“The Peak Consortium’s proposal has been very carefully prepared and all of our financial backing is in place, subject only to satisfactory due diligence” said Mr Dunphy.

“Penn West will buy the Canadian and Argentinean assets of Fletcher Energy for US $737.5 million. Peak Petroleum will concentrate on developing New Zealand resources using New Zealand skills, creating jobs here and keeping profits here.”

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