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Regulatory Approval For New SPM

27 Nov 2013 10:30

RNS Number : 0545U

Fortune Oil PLC

27 November 2013

Fortune Oil PLC

("Fortune Oil" or the "Company")

Regulatory Approvals Obtained on New Joint Venture of

Maoming Single Point Mooring ("SPM")

As described in the Company's Q3 2013 Interim Management Statement released on 19 November 2013, Fortune Oil is pleased to announce that the final approvals from the relevant regulatory agencies in the People's Republic of China (the "PRC") for the new SPM joint venture between Fortune Oil and Sinopec have been obtained.

The Company had an interest in a crude oil import terminal in the PRC which supplied around 4% of the PRC's crude oil imports in 2012. The import terminal allows very large crude oil carriers of up to 300,000 dwt to moor and deliver crude oil via a 15 kilometre sub-sea pipeline. The previous joint venture arrangement between the Company and Sinopec in connection with the import terminal expired in February 2013.

After months of negotiations, Fortune Oil has entered into a new joint venture agreement with Sinopec in respect of the SPM. Under the new shareholding structure, the shareholding interest in the SPM of the Company is 33% and, accordingly, it no longer holds a controlling equity stake in the joint venture. Nonetheless, the scope of the new joint venture has been expanded with the potential development of a new pipeline and buoy. The term of the new joint venture is 20 years.

For further information please contact:

Fortune Oil PLC

Tee Kiam Poon - Chief Executive

Bill Mok - Chief Financial Officer

Tel: (+852) 2583 3125

Tel: (+852) 2583 3120

Pelham Bell Pottinger

Archie Berens

Tel: (+44/0) 7802 442486

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 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

END

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Date		Source	Headline
19th May 2010	5:23 pm	RNS	Notification of Transaction by Directors
19th May 2010	7:00 am	RNS	Interim Management Statement
14th May 2010	5:07 pm	RNS	Notification of Transaction by Directors
14th May 2010	5:07 pm	RNS	Notification of Transaction by Directors
14th May 2010	4:35 pm	RNS	Notice of AGM
11th May 2010	3:48 pm	RNS	Purchase of Shares
4th May 2010	5:58 pm	RNS	Notification of Transaction by Directors
28th Apr 2010	4:27 pm	RNS	Filing of Annual Financial Report
28th Apr 2010	7:00 am	RNS	Board Changes
28th Apr 2010	7:00 am	RNS	Annual Financial Report
15th Apr 2010	8:05 am	RNS	New US$80 Million Loan Facility
7th Apr 2010	4:40 pm	RNS	Second Price Monitoring Extn
7th Apr 2010	4:35 pm	RNS	Price Monitoring Extension
6th Apr 2010	4:40 pm	RNS	Second Price Monitoring Extn
6th Apr 2010	4:35 pm	RNS	Price Monitoring Extension
29th Mar 2010	7:00 am	RNS	New Projects Update
25th Mar 2010	7:00 am	RNS	Liulin Coal Bed Methane Update
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8th Dec 2009	9:39 am	RNS	Holding(s) in Company
8th Dec 2009	7:00 am	RNS	Completion of Allotment of Shares
1st Dec 2009	11:18 am	RNS	Issue of Equity
20th Nov 2009	7:01 am	RNS	Completion of Transaction
16th Nov 2009	7:00 am	RNS	Interim Management Statement
16th Nov 2009	7:00 am	RNS	Acquisition of Minority Interest in Liulin
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15th Oct 2009	4:40 pm	RNS	Second Price Monitoring Extn
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30th Sep 2009	4:35 pm	RNS	Total Voting Rights
29th Sep 2009	4:35 pm	RNS	Director/PDMR Shareholding
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24th Sep 2009	9:54 am	RNS	Exercise of Directors' Options
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26th Aug 2009	4:40 pm	RNS	Second Price Monitoring Extn
26th Aug 2009	4:35 pm	RNS	Price Monitoring Extension
4th Aug 2009	4:40 pm	RNS	Second Price Monitoring Extn
4th Aug 2009	4:35 pm	RNS	Price Monitoring Extension
25th Jun 2009	1:15 pm	RNS	Appointment of Executive Director
24th Jun 2009	4:45 pm	RNS	Directors' Share Options
24th Jun 2009	4:39 pm	RNS	Result of AGM and Directorate Change
24th Jun 2009	7:00 am	RNS	AGM Statement

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