Vector Advised of Todd's Cease-and-Desist Request

Vector Limited

Vector Limited said that it has been advised that Todd Energy has approached the Commerce Commission of New Zealand with a request that it grant a cease and desist order in relation to contractual concerns about sales of Maui Right of First Refusal (ROFR) gas.

Vector is one of a number of ROFR contract parties involved being one of the entities with rights to acquire Maui ROFR gas. As announced to the market on October 27, Vector exercised those rights to acquire entitlements to 105PJ of gas. First deliveries of that gas are expected to commence in April 2007.

The points raised by Todd Energy are well known to the ROFR contract parties, including the Crown, and to the commission, stated Vector.

Vector said that it is confident that its ROFR contracts and entitlements are appropriate. The company noted that it looks forward to providing all relevant information to the commission and working through the process.