FTO.L Regulatory News (FTO)

22 May 2006 15:30

Fortune Oil PLC22 May 2006 FORTUNE OIL PLC ("Fortune Oil" or the "Company") Acquisition of interests in South China Terminals Limited and Zhanjiang Fu Duo Gas Company Limited (together the "Acquisitions"), Reduction in the share capital of Fortune Oil PLC and Notice of Extraordinary General Meeting The Board of Fortune Oil PLC announces that it is today posting a circular toits shareholders (the "Circular") setting out details of the Acquisitions andreduction in the share capital of the Company. This follows the Board'sannouncements on 24 February 2006 of its agreement to the Acquisitions and on 27April 2006 of its intention to eliminate the deficit on the profit and lossaccount so as to enable payment of dividends (collectively, the "Transactions").The terms of the Acquisitions are an agreed cash consideration of £3.3 million(US $5.7 million) for the Company to increase its effective shareholding in theWest Zhuhai terminal from 18.5 per cent to 37 per cent and in Fu Duo from 57.5per cent to 80 per cent and to repay loans from Vitol in respect of theseassets. The Circular contains a Notice convening an Extraordinary General Meeting ofshareholders at 11:30am on Wednesday, 21 June 2006 (or, if later, as soon as theAnnual General Meeting of the Company convened for the same day at 11:00am shallhave concluded or been adjourned) at Oriental Club, Stratford House, StratfordPlace, London W1C 1ES, at which approval for the proposed Transactions will besought. The Circular will shortly be available for inspection at the UK ListingAuthority's Document Viewing Facility, which is situated at Financial ServicesAuthority, 25 The North Colonnade, Canary Wharf, London E14 5HS, telephone: 020 7066 1000. Copies of the Circular can be obtained from the Company's registered office at 6/F., Belgrave House, 76 Buckingham Palace Road, London SW1W 9TQ, telephone:020 7824 8411. 22 May 2006 Enquiries: Fortune Oil PLCJohn Pexton - Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong) Pelham Public Relations Tel: 020 7743 6679 or 07802 442 486Archie Berens This information is provided by RNS The company news service from the London Stock Exchange