FTO.L Regulatory News (FTO)

22 Mar 2006 07:00

Fortune Oil PLC22 March 2006 FORTUNE OIL PLC ("Fortune Oil" or "the Company") RETIREMENT OF EXECUTIVE DIRECTOR Fortune Oil today announces that Mr. Bruce McGowan will retire from the Companyon 24 April 2006. He is due to retire by rotation at this year's Annual GeneralMeeting and accordingly the resolution proposing his re-appointment will not beput to the meeting. Mr. McGowan was appointed as an Executive Director in June 2000 and is currentlyJoint Executive Vice-Chairman based in London. He has led the Company through aperiod of significant change in the China markets and his contributions haveensured its ongoing success. Mr. McGowan, who will turn 62 this year, commented: "It has been a privilege tobe part of Fortune Oil. I have stayed in this role for nearly six years, beyondmy original expectation. I am confident that the strong management team in theCompany can continue my work." Mr. Daniel Chiu, Joint Executive Vice-Chairman based in Hong Kong, added: "Bruce originally participated in the establishment of our joint ventures overten years ago. I would like to thank him both personally and on behalf of hiscolleagues for his great contribution. We extend our best wishes for a happyand fulfilling retirement." The Board does not intend to make a further executive board appointment at thisstage. 22 March 2006 Enquiries:Fortune Oil PLCJohn Pexton, Deputy Chief Executive 00852 2583 3113 (Hong Kong) Pelham Public Relations LimitedArchie Berens 020 7743 6679 or 7802 442 486 This information is provided by RNS The company news service from the London Stock Exchange