Wood chase, Lindsey... good point above- carpdad. I replaced about 35 5'x9' chase sidewall flashing on some apartments built in the "70's once, piece of cake except where the roofer nailed the flashing to the chase instead of the roof. Very easy to install it behind the siding/WRB, may need to pull/drive the first (lowest) fastener in siding first, or even cut the siding shorter as original install (panel siding) was probably too low to shingles due to lack of code direction, pictures would help us...
Gary
PS. metal flash is pretty cheap to replace (over 5 years old) with new roof covering, IMO.