Fortune Oil & Gas announces tanker arrival and start-up of oil production.
Thursday, January 18 2001 - 07:00 AM WIB
Fortune Oil & Gas Inc. (NASDAQ OTC: FOGC Fortune Oil & Gas, Inc.) announces that the tanker PURPLE STAR arrived at the Camar Field on Saturday January 13th. Mooring of the PURPLE STAR in the Camar Field was completed the morning of January 14th. The Customs and Immigration clearances, required by the Indonesian authorities, were completed on Monday Jan 15th.
The production crews were transferred to the Purple Star late Sunday with the expectation that production would commence during the week of Jan. 15th. The Company had undertaken a substantial pre-production/start-up program during the past four months. Upon approval from the Indonesian authorities on Jan. 15th, the Company was able to immediately advise the Operations Manager to commence with the start-up of production operations. The start-up procedures commenced during the morning hours of Tuesday Jan. 16th .
On January 16th, Fortune's "first oil" was extracted from the Camar Field at 7:15 am (GMT +7:00). At the end of the first day's operations, the Company has been able to bring the first three wells into production. These three wells are tied into the CPP platform. The Company is expecting to have the four wells tied into the WPP platform and the final well tied into the MPA platform on line before the end of the week.
David Nunn, President of Fortune Oil & Gas, Inc. stated "that he was extremely pleased that the start-up of production was so well planned and credits the on-site operations personnel with making this aspect of the project successful".
Fortune Oil & Gas, Inc. would also like to announce that, effective immediately, it has changed the name of it's wholly owned subsidiary, GFB Resources (Java) Ltd., to Indo-Pacific Resources (Java) Ltd.
Contact: Fortune Oil & Gas, Inc., 305 - 1656 Martin Drive, White Rock, B.C. V4A 6E7, Phone: (604)-531-0385, Fax: (604)-531-0387; Investor Relations: Princeton Research, Contact: Mike King, Phone: (702)-650-0500; website: http://www.fortuneoilandgas.com for updated pictures and information. (*)