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Re Proposed Disposal of Natural Gas Business

16 Jan 2013 08:08

RNS Number : 6556V
Fortune Oil PLC
16 January 2013
 



 

16 January 2013

 

FORTUNE OIL PLC

("Fortune Oil" or the "Company")

 

Proposed disposal of the Natural Gas Business (the "Proposed Transaction")

 

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.

 

Further to the Company's announcement of 17 December 2012, Fortune Oil is pleased to announce that it has received a formal waiver from the facility agent on behalf of the over two thirds majority of lenders from the Fortune Oil group's medium term lending syndicate. Accordingly this condition in the sale and purchase agreement of the Proposed Transaction has now been satisfied.

 

The Company will send a circular to shareholders in due course which will contain the details of the General Meeting in order to approve the Proposed Transaction.

 

 

For further information please contact:

 

Fortune Oil PLC

Tee Kiam Poon - Chief Executive

Bill Mok - Chief Financial Officer

 

Tel: 00 852 2583 3125

Tel: 00 852 2583 3120

 

Oriel Securities (Sponsor and broker)

Michael Shaw

Stewart Wallace

 

 

Tel: 0044 207 710 7600

 

BNP Paribas (Financial Adviser)

London office:

Paul Staples

Kenny Yau

Hong Kong office:

Kenneth Quinn

 

 

Tel: 0044 20 7595 1000

 

 

Tel: 00852 2909 8888

Pelham Bell Pottinger

Archie Berens

 

Tel: 0044 20 7861 3112

 

 

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 the PRC. 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 the PRC securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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