BlueSky Update

3 Feb 2005 07:00

Fortune Oil PLC03 February 2005 3 FEBRUARY 2005 FORTUNE OIL PLC ("Fortune Oil" or "the Company") BLUESKY UPDATE Further to the announcement dated 25 January 2005 by China Aviation Oil(Singapore) Corporation Limited ("CAO") detailing their proposed scheme ofarrangement, the Company would like to confirm that Fortune Oil is not a partyto this restructuring proposal. The Company would also like to confirm that theSale and Purchase Agreement between CAO and Fortune Oil PRC Holdings Limited asannounced on 5 February 2004 has lapsed. Fortune Oil continues to retain its24.5 per cent. interest in South China Bluesky Aviation Oil Company Limited("Bluesky") and currently Fortune Oil is not seeking a buyer for Bluesky. The Bluesky business continues to exceed expectations with significant growthopportunities and the operations have not been affected by the problems at CAO.In 2004 the jet fuel sales volume was over 1 million tonnes, a 33% increase over2003. The prospects have been further enhanced by the recent government approvalof the plan by FedEx to build an Asia cargo operations centre at GuangzhouBaiyun International Airport and the recent announcements by China SouthernAirlines of agreements to purchase thirteen new Boeing 787 aircraft and five newAirbus A 380 aircraft to significantly increase its fleet based in Guangzhou. ENQUIRIES: Fortune Oil PLC Tel: 020 7589 2233 (UK)Bruce McGowan - Executive Vice Chairman Tel: 00 852 2583 3113 (Hong Kong)John Pexton - Deputy Chief Executive Oriel Securities Limited Tel: 020 7710 7600Simon BraggNatalie Fortescue ICIS Limited Tel: 020 7651 8688Archie Berens or 07802 442 486 This information is provided by RNS The company news service from the London Stock Exchange