FTO.L Share News (FTO)

LONDON (Dow Jones)--Fortune Oil PLC (FTO.LN), a gas and oil company, announced Tuesday Mdm Li Ching will relinquish her role as Chief Executive, but she will remain at Fortune Oil as an Executive Director. MAIN FACTS: -The Board will appoint Tee Kiam Poon as Chief Executive to succeed Mdm Li. -John Pexton, Deputy Chief Executive, will retire from the Board. He will leave the company at the end of June to take up new employment in Singapore. -Executive Directors Gong Min, Tian Jun and Ye Qing will retire from the Board and will not seek reappointment. -They will remain in their current management roles as directors of Fortune Oil's China operations. -The company is in the process of recruiting a Chief Financial Officer and intends to increase the number of Independent Directors in order to further strengthen the company's corporate governance. -Tee Kiam Poon, the new Chief Executive added, "Financially we are in a very strong position. With positive cash flow and the $80 million loan facility we secured this April, we are now in an excellent position to continue the expansion of the Company's asset base and profitability." -Fortune Oil is still a relatively early stage company. -Therefore its primary focus is to pursue rapid but sustainable expansion, enhancing the financial capability of the company and increasing shareholder value. -Shares closed Monday at 6.26 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires June 15, 2010 02:33 ET (06:33 GMT)