Fletcher Energy Acquires 14.99% of Petroz

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

Fletcher Challenge Energy Acquires 14.99% of Petroz

AUCKLAND, 2 October 2000 – Fletcher Challenge Energy today exercised its option to acquire 14.99% of listed Australian Explorer Petroz NL. The option provided Fletcher Challenge Energy with the right to acquire 29,514,890 million shares at A43.5 cents per share. The total cost of the acquisition was A$12.84m.

Chief Executive, Fletcher Challenge Energy, Mr Greig Gailey, said "In exercising this option, Fletcher Challenge Energy reaffirms its commitment to the placement and rights issue proposal to be voted on by Petroz shareholders on Thursday. We believe this proposal represents the best available option that enables Petroz to successfully develop its asset base "

ENDS

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