Maui JV Partners Firm Up Reserves
The Maui joint venture parties have firmed 62 PJ of Maui natural gas from P50* reserves to P85** reserves.
Contact's share in the additional 62 PJs of natural gas is 61.6 percent, or 38 PJ.
Contact Energy's share of the firmed Maui reserves form part of gas supply agreements which were executed in October 2006.
Contact Energy's Chief Executive, David Baldwin, commented that the firming of the P50 reserves to P85 was expected and supports Contact's view of the likely sufficiency of domestic sources of gas through to about 2015.
However, the firming of the 62 PJ, does not materially change the outlook for the domestic supply position beyond that.
The Maui Field is located in the Tasman Sea offshore Taranaki, New Zealand in approximately 110 meters of water.
*P50 means the quantity of gas estimated at a probability of 50 percent or greater to be recovered from the field
**P85 means the quantity of gas estimated at a probability of 85 percent or greater to be recovered from the field
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