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Maui Joint Venture Statement on Redetermination

Maui Joint Venture Statement on Redetermination Report

The Joint Venture owners of the Maui gas field today welcomed the release of the results of the evaluation of Economic Recoverable Reserves (ERR) by the Independent Expert (IE), Netherland Sewell and Associates Inc. of Dallas, Texas.

In August 2002, the IE was appointed by the parties to the Maui gas contract to independently assess the level of Economic Recoverable Reserves of the Maui Field. This marks the culmination of more than12 months’ work under the contractual re-determination process, initiated by Maui Development Limited on behalf of the Maui Joint Venture (Shell 77.5%, Todd 12.5%, OMV 10%) in December 2001.

The Independent Expert (IE) has confirmed the previously stated view of the Maui Joint Venture that improved reservoir modelling technology, combined with recent advances in the understanding of the Maui gas reservoir, indicate that the Economic Recoverable Reserves are significantly less than was previously thought. This information will now reduce much of the recent uncertainty associated with the last years of the Maui contract.

The Maui gas contract initially provided for a 30 year term for the sale of gas to the Crown until June 2009. The remaining contract term is a function of off-take from the field and the next step will be to establish a production profile and a consequential contract end date, which is both commercially sustainable for the Maui Joint Venture owners and which will best suit the needs of the Crown and its purchasers.

The Joint Venture will not be making any further comment until the Independent Expert’s report has been fully examined.

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