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Maui Redetermination Process To Continue

31 May 2002

The Maui gas reserves redetermination can continue following the withdrawal by Methanex New Zealand Limited yesterday of its application for an interim injunction to temporarily halt the process.

Natural Gas Corporation Holdings Limited (NGC) has welcomed Methanex’s decision not to proceed with the interim injunction application.

A substantive hearing of Methanex’s claims that the Maui Mining Companies and the Crown have not met their obligations to provide sufficient information on the reserves will still commence in August. The redetermination process can continue in the meantime.

NGC restated its view that the early clarification of the current gas supply position and the timely development of future gas reserves is in New Zealand’s best interests.

Ends

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