Fortune Oil (LSE: FTO.L) focuses on oil, natural gas and resource supply operations and investments, primarily in China. Fortune Oil is listed on the Main Market of the London Stock Exchange.
Fortune Oil is pleased to announce material progress relating to its Liulin Coal Bed Methane ("CBM") business:
· Approval has been received from the Ministry of Commerce for the extension of the exploration period of the Production Sharing Contract for the Liulin CBM block for a further two years to 29 March 2014.
· The Compressed Natural Gas wholesale station in Liulin has been completed and is now awaiting final approval before operations in the second half of 2012. This station will compress the natural gas collected from the Liulin CBM block for onward distribution.
Mr. Tee Kiam Poon, Chief Executive of Fortune Oil, commented:
"We are pleased with the progress we have made in 2012 at Liulin and especially as we are seeing commercial gas flow from our horizontal wells. The extension of the exploration period will enable us to complete the assessment of all the seams and the remaining areas of the block. Our focus continues to be on completing the development of Liulin and to achieve commercial production. We see the achievements at Luilin positioning the Company as a significant developer of unconventional gas, in line with China's resource strategy, and pave the way for commercial gas sales and revenue generation for the Company."
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in the investment and operations of oil and natural gas supply projects in China. With over 18 years of operating history in China, Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil recently started an expansion outside China securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.
For further details:
Fortune Oil PLC
Tee Kiam Poon - Chief Executive
Bill Mok - Chief Financial Officer
Tel: 00 852 2583 3125
Tel: 00 852 2583 3120
Pelham Bell Pottinger
Archie Berens / Zoe Sanders
Tel: 020 7861 3112
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