Fletcher Energy Clarification Regarding Spectrum

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FEG), AUSTRALIA (FLCES), NEW YORK (FEG).

Fletcher Challenge Energy Clarifies Position
Regarding Spectrum Exploration Ltd.

Auckland, 22 June 2000 - Fletcher Challenge Energy wishes to clarify its position with regard to the recent Investment Statement issued by Spectrum Exploration Limited through Venture Taranaki in relation to Petroleum Exploration Permit 38462, offshore Taranaki, New Zealand.

All views, opinions and interpretations carried in the above mentioned document are solely those of Spectrum Exploration Ltd, it’s directors and advisors. They should in no way be inferred to be the views of Fletcher Challenge Energy.

Fletcher Challenge Energy is mentioned as a joint venture partner on pages four and eight of the document. No association whatsoever should be drawn between the information provided in the document and Fletcher Challenge Energy, including quoted reserves estimates.

As of 20 June 2000, Fletcher Challenge Energy has formally withdrawn from participation in the licence. Spectrum Exploration Ltd. and the Ministry of Economic development were notified of the withdrawal on 20 June 2000.

ENDS

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