Shell appeals to Privy Council Gas Contract Case

SHELL NEW ZEALAND

29 October 2001
Media Statement
For Immediate Release

Shell appeals to Privy Council on Gas Contract Case

Shell New Zealand announced today that it had filed an appeal to the Privy Council against the Court of Appeal decision that Shell's Heads of Agreement with ECNZ, which were inherited by Genesis Power Limited, was unenforceable, Shell spokesman Simon King said.

"Unless there is a negotiated outcome to our satisfaction, our appeal is inevitable. We will be presenting to the Privy Council a very strong case that the agreement entered into by the parties, intending that it be binding, should be upheld.

"We are confident that the Privy Council will understand the realities of the commercial market place at the time, and that the Heads of Agreement documented a commercial deal done very quickly to seize a commercial opportunity for both parties,” Mr King said.

Shell will be offering no further comment on the appeal, Mr King said

ENDS

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