VCT
10/04/2015 10:44
GENERAL
PRICE SENSITIVE
REL: 1044 HRS Vector Limited
GENERAL: VCT: Kapuni Field Gas Redetermination Update
On 8 December 2014, Vector advised that Vector Gas Contracts Limited
("Vector") had been notified by Todd Petroleum Mining Company Limited
("Todd") and Shell (Petroleum Mining) Company Limited ("Kapuni Mining
Companies" or "KMCs") that under the Kapuni Gas Contract ("KGC") they require
the parties to meet to redetermine the Original Recoverable Gas Reserves
("ORGR").
On 24 December 2014, Vector advised that it had notified the KMCs that it
disputes the validity of the redetermination notice as the KMCs have not
provided all of the reserves information required to be provided to Vector
under the KGC to enable Vector to properly participate in the redetermination
process.
The KMCs have subsequently provided additional reserves information and
Vector has today advised the KMCs that it accepts the redetermination process
can commence. However this is on the basis that it is without prejudice to
Vector's view that the KMCs have still not provided all of the reserves
information required to be provided to Vector under the KGC.
ENDS
End CA:00262953 For:VCT Type:GENERAL Time:2015-04-10 10:44:55
