FOGC Pink Sheets~
FORTUNE OIL & GAS INC ("FOGC-0") - Tanker Purchase
Fortune Oil & Gas Inc. is pleased to announce the completion of the purchase of the Oil Tanker, M/T Siena.
The purchase was completed through its wholly owned subsidiary, Fortune Ship Management Ltd. (FSM) with a purchase price of USD $2,080,000.00. The Ship will serve as the Crude Oil Storage Facility at Fortune's offshore Oil Field, known as the Camar Field, located in Indonesia's Java Sea. The Ship is capable of storing approximately 240,000 barrels of Crude Oil and has accommodation facilities for not only the full complement of Ship's crew but also for the Camar Offshore Field crew.
Recently, the Siena underwent a full conversion to that of a Floating Storage Vessel and is now fully converted for permanent use in Fortune's Camar Field. This conversion took approximately one month to complete and after its voyage to the Camar Field, it anchored at the Company's mooring station. All of the required modifications as well as FSM's maintenance program were carried out at one of Singapore's foremost shipyards, Singapore Technologies Marine. David Nunn, president of Fortune Oil & Gas, Inc., stated: "after the initial mooring of the Ship a number of pre-production activities needed to be conducted in the Field and these were completed in May 2002. Initial production has now resumed in the Field and it is our hope that full production operations will commence shortly."
Concurrent with the Ship's delivery to the Camar Field, the name of the vessel was changed to the M/T FORTUNA AYU. David Nunn further stated: "the purchase of the M/T FORTUNA AYU moves the Company a step closer to the full integration of all the field requirements being controlled internally by the Company". He went on to say: "this is a very important step toward the future success of Fortune and its ongoing production operations in the Camar Field."
Please refer to our web site: fortuneoilandgas.com for updated pictures and information.
Fortune Oil & Gas, Inc.
Suite 305 - 1656 Martin Drive,
White Rock, B.C. V4A 6E7
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. TEL: 604/531-0385
Fortune Oil & Gas, Inc. FAX: 604/531-0387
David Nunn
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