Shell Optimistic About Fletcher Energy Deal

Shell Remains Optimistic About Fletcher Energy Deal

Shell New Zealand remains optimistic that it can satisfy the Commerce Commission and complete the proposed Fletcher Challenge Energy transaction.

Shell New Zealand Chairman and Chief Financial Officer; Ed Johnson, says the Company will be considering in detail the Commerce Commission’s findings over the coming days, and will look to meet with Commission representatives to clarify key issues.

Mr Johnson says that Shell acknowledges and notes the concerns raised by the Commerce Commission and wishes to move promptly and efficiently in addressing how it might move forward. However, due to the extreme market sensitivity and media speculation regarding this major transaction, Shell will not be commenting further at this time on how it will proceed.

“I think it is worth re-iterating, that our proposal for Fletcher Challenge Energy is a joint bid for the world-wide assets of that company and secures best value for FCE shareholders, as indeed has been recommended by their Board”, says Mr Johnson.

“The proposed significant investment reaffirms Shell’s commitment to New Zealand and underpins our desire to ensure the optimum recovery of the country’s domestic reserves utilising our technologies together with the skills of a committed, professional local workforce. This commitment represents a massive investment in the infrastructure of New Zealand, and will ensure that energy supplies are further developed and secured for the future. We are committed to safeguarding consumer interests, and therefore remain hopeful that the transaction can be completed according to plan.”

Mr Johnson says Shell’s next steps must, by necessity, remain confidential and the Company will not be elaborating on how it will proceed.

Ends

For further information contact:

Antonius Papaspiropoulos
Shell Corporate Communications Manager – Oceania

04-498-0380
021-459-868

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