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Fortune Oil & Gas, Inc. Announces Camar Field Production Enhancement Program
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10:01am ET (BusinessWire)
Fortune Oil & Gas Inc. . (Nasdaq OTC Non-BB:FOGC), through its wholly owned subsidiary, Indo-Pacific Resources (Java) Ltd., Operator of the Bawean Production Sharing Contract in Indonesia's East Java Sea, today announced that it has commenced a comprehensive production enhancement program in its Camar Oil Field.
Mr. Mark Greenwood, Managing Director of Indo-Pacific Resources (Java) Ltd. advised that: "on Monday July 29th and with the initial study and planning stages complete, the remedial work crew was deployed to the Field". He further stated: "now that our objective of planning out the remedial work program is complete and the expansive work program underway, it is expected that improved daily production results will be generated from our producing wells".
Mr. Greenwood went on to state: "this remedial work will include measures to reduce the hydrostatic pressure at the bottom of the wells allowing oil to flow more freely from the reservoir". "It will also include various descaling procedures". "This program is expected to result in an immediate increase in production". "Given that the oil producing zones in the Camar Field are in a limestone formation, scale build-up has long been known to be a factor." Mr. Greenwood went on to say: "We will attempt to remove the scale through mechanical means initially, and if necessary, use hydrochloric acid or diesel fuel to remove any that remains."
Fortune anticipates that these phases of remedial work will take twenty to thirty days to complete.
Mr. James Wensveen, Fortune's Chief Executive Officer stated: "It is expected that this enhancement program will significantly add to our current levels of production". Mr. Wensveen concluded by stating: "This is a very important step for Fortune Oil & Gas, Inc. and marks the start of the implementation of a major program of remedial work designed to optimize the potential of the Camar Field in both the short and long term".
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Safe Harbour Act Notice: This press release may contain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical fact included in this release may constitute "forward-looking statements". Although the Company believes that the expectations reflected in such "forward-looking statements" are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical, political and economic factors.
This press release is not intended to be and is not an advertisement for any securities of the company. Fortune Oil & Gas, Inc.
David Nunn, 604/531-0385
Fax: 604/531-0387 |
