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Comment on Maui Reserves Redetermination

Comment on Maui Reserves Redetermination

Shell (as a participant in the Maui Joint Venture) today confirmed that it had received the Independent Expert's (IE) preliminary findings regarding the redetermination of the gas reserves remaining in the Maui field.

"The IE is now seeking submissions on his preliminary view, and MDL will make a submission. The IE will then make his final determination. We do not expect this until January 2003," Shell spokesman Simon King said.

Mr King said Shell would make no further comment on redetermination until the IE had released his final view, which is binding on all parties. The details of the preliminary opinion, representing work in progress, cannot be disclosed for legal reasons.

MDL announced in November 2001 that it was revising down its estimate of reserves left in the Maui field, predicting that at current off take there was only enough gas to meet the requirements of the contract with the Crown until 2007. This triggered a redetermination of reserves under the contract.

The redetermination is being carried out by Netherland Sewell of Dallas.

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