14 May 2010 17:07
14 May 2010
NOTIFICATION OF TRANSACTION BY DIRECTORS
Fortune Oil PLC ("Fortune Oil" or the "Company") has been notified today that First Level Holdings Limited ("First Level"), a company jointly owned and controlled by Mr Daniel Chiu, Executive Vice Chairman of the Company and Dennis Chiu, Non Executive Director of the Company, purchased 514,828 ordinary shares of 1p each ("Ordinary Shares") in the Company at a price of 6.75 pence per share, representing 0.03% of the issued share capital of Fortune Oil.
First Level now holds an interest in 725,135,612 Ordinary Shares, representing 36.49% of the issued share capital of Fortune Oil.
Mr Daniel Chiu and Mr Dennis Chiu only hold an interest in Fortune Oil through First Level.
This purchase is in accordance with Note 11 to Rule 9.1 of the City Code on Takeover and Mergers (the "Code") following the issue of 59,314,047 Ordinary Shares over the period from 23 September 2009 to 7 December 2009 and accordingly First Level will not be obliged to make a mandatory offer under Rule 9 of the Code.
In total, First Level has now purchased 1,934,328 Ordinary Shares since 23 September 2009, representing 0.10%.
This notification is made in accordance with DTR 3.1.4R(1)(a) and (c) of the Disclosure Rules and Transparency Rules.
Enquiries:
| Fortune Oil PLC |
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| Tee Kiam Poon | Tel: 00 852 2583 3125(Hong Kong) |
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| Pelham Bell Pottinger |
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| Archie Berens | Tel: 020 7337 1509 or 07802 442 486 |