$50 Million Loan Facility

26 Apr 2007 07:03

Fortune Oil PLC26 April 2007 26 APRIL 2007 FORTUNE OIL PLC ("Fortune Oil" or "the Company") New US$50 Million Loan Facility Fortune Oil is pleased to announce the signing of a US$50 million loan facilityfor Fortune Oil PRC Holdings Limited, the Company's principal holding company inHong Kong. The facility is a dual currency (US dollars and Hong Kong dollars)term loan with a term of 3 years and a margin of 1.1% above LIBOR or HIBOR. Thecovenants are standard for this type of syndicated loan and the facility isguaranteed by Fortune Oil PLC. The Mandated Lead Arrangers are Industrial and Commercial International CapitalLtd (ICIC) and Oversea-Chinese Banking Corporation Limited (OCBC) with OCBC HongKong Branch as Agent. A total of 18 international and regional banksparticipated in the transaction. The facility size was over-subscribed to US$50million. The proceeds will be used to finance Fortune Oil's investment requirements inthe China energy sector. This will include further development of the LiulinCBM block, new opportunities in relation to the recovery and utilisation ofmethane gas in Shanxi Province, new downstream gas projects and acquisitions,and new investments in the supply of refined products. ENQUIRIES: Fortune Oil PLCJohn Pexton - Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong) Pelham Public RelationsArchie Berens Tel: 020 7743 6679 or 07802 442 486 Alex Walters Tel: 020 3170 7435 This information is provided by RNS The company news service from the London Stock Exchange