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Redetermination Legal Action Regrettable

Media Statement
For Immediate Release

17 May 2002

Redetermination Legal Action Regrettable - Will Be Defended

Maui Development Ltd and its shareholders, the Maui Mining Companies (MMC's) being Shell Petroleum Mining Company Limited and Todd Petroleum Mining Limited have responded to advice that Methanex New Zealand Limited is seeking a Court injunction against the MMC's and MDL and Declaratory judgments in respect of the Crown seeking to temporarily halt the Maui gas reserves redetermination process.

MDL Chairman Dr Lloyd Taylor said that the MMCs have provided all the requisite data and information required under the Maui contract in the time frame specified by the contract, for the redetermination process to proceed.

"The action by Methanex will be vigorously defended by the MMC's and MDL.

"The MMC's see no merit in the action, which will only serve to delay the Maui Contract redetermination process.

"The delay through this legal action is regrettable, in that the longer this matter is unresolved it increases the exposure of the country to a risk of discontinuity of gas supply in later years," Dr Taylor said.

ENDS


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