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MDL Requests Redetermination of Maui Gas Reserves

Following the announcement made on 13 November regarding a possible shortfall in the estimate of gas reserves in the Maui field, Dr Lloyd Taylor, Chairman of Maui Development Ltd (MDL), announced today that MDL had informed the Crown that it wishes formally to agree the remaining Maui gas reserves in a process known as “redetermination”.

The announcement follows the disclosure to the Crown last month of the preliminary results of ongoing reserve estimation studies. These studies suggest that the remaining Maui reserves may be insufficient to deliver the remaining quantities specified in the Maui Gas Contract between MDL and the Crown.

The Maui Gas Contract contains a defined process for MDL and the Crown to agree the reserves of gas available from the Maui Field. This process, which can be instigated by either MDL or the Crown, in conjunction with its downstream gas purchasers, involves MDL supplying data relevant to the reserves estimation to the Buyer (The Crown) in order to enable the parties to subsequently meet and determine Maui gas reserves.

“As previously advised, MDL has new information relevant to the determination of reserves in the Maui Field. MDL expects to be in a position by March 2002, when current reserves estimation studies will be completed, to meet with the Crown and begin to agree a new Maui reserves figure,” Dr Taylor said.

Once a new Maui reserves figure is agreed, the Contract provides for an associated process to enable the agreed remaining Maui reserves to be used to define a new delivery profile for Maui gas to the Crown.

“Essentially this process allows a matching of the quantities to be delivered from the Maui Field with the latest estimate of the remaining reserves in the Field. In this way MDL can redefine the quantities of gas which will be available to the Crown,” Dr Taylor said.

ENDS

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