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Gold/Mining/Energy : Fletcher Challenge Energy (FEG) -- Ignore unavailable to you. Want to Upgrade?

To: Dale Schwartzenhauer who wrote (13)	3/13/1998 8:15:00 AM
From: Liatris Spicata	Read Replies (1) \| Respond to of 16

Dale, Thread- Adapted from WSJ today- NZ Energy Minister Max Bradford recently expressed concern that FEG had disputed a Commerce Ministry assessment of natural gas reserves at the offshore Maui field. The ministry's latest data upgrades reserves in the natural gas/condensate field off the coast of Taranaki in New Zealand's North Island by 40%. Bradford said that in FEG's opinion, undeveloped reserves for which there hasn't been any commitment to drill wells or construct facilities, shouldn't be counted. 'The internationally recognized approach for counting proven and probable reserves counts reserves regardless of whether there is a current commitment to invest (in development),' Bradford said in a statement. Another difference of opinion concerned whether to include LPG, which the ministry had included in its reserve estimate. Maui, which was discovered in 1969, contains 66% of NZ's estimated oil reserves and 67% of its gross natural gas reserves as of Jan. 1, 1997, the ministry said. The ministry said that estimated natural gas reserves at Maui were now seen at 2,027 petajoules, up from a previous estimate of 1,447 petajoules. FEG owns 70% of Maui (the rest is owned by a partnership between New Zealand family-owned Todd Petroleum Mining Co. and Shell Petroleum Mining Co). ----------------------------------------------------------------- Wish they would specify the probablity rating of these estimates. Larry