Fortune buys crude storage tanker for E. Java oil field

Canadian oil company Fortune Oil & Gas Inc. through its wholly owned subsidiary Fortune Ship Management Ltd. (FSM) had purchased an oil tanker that would serve as the Crude Oil Storage Facility at Fortune's offshore Oil Field, known as the Camar Field, located in Java Sea, the company announcement said Friday.

The company said the US$ 2 million tanker is capable of storing approximately 240,000 barrels of crude oil and has and has accommodation facilities.

Recently, the tanker underwent a full conversion as floating storage vessel and is now fully converted for permanent use in Fortune's Camar Field. This conversion took approximately one month to complete and after its voyage to the Camar Field, it anchored at the company's mooring station.

"After the initial mooring of the ship a number of pre-production activities needed to be conducted in the field and these were completed in May 2002. Initial production has now resumed in the Field and it is our hope that full production operations will commence shortly,? David Nunn, president of Fortune Oil & Gas, Inc., stated. (alex)