Fortune Oil & Gas, Inc. announces completion of oil tanker conversion

Monday, January 15 2001 - 02:00 PM WIB

Fortune Oil & Gas Inc. announces that the Oil Tanker, PURPLE STAR, departed Singaporean waters mid-afternoon Wednesday, Jan. 10, to embark on its voyage to Fortune's Camar Oil Field.

The PURPLE STAR, trading under the Norwegian flag, was built in 1975 by Sasebo Heavy Industries of Japan and has been trading as an oil and petroleum product transport for the past two decades. It has been in Singapore for its shipyard conversion from a trading oil tanker to a storage tanker. The conversion was performed by Nortrans Offshore(s) PTE Ltd, world leaders in storage tanker conversions. Furthermore, the Purple Star has been inspected by, and received full approvals from, representatives of Pertamina (the Indonesian National Oil Company), and MiGas (the Indonesian Ministry of Mines and Energy). Inspections were also carried out by the Lloyd's Register of Shipping and full class certification has been granted.

The Purple Star is expected to arrive at the Camar Oil Field the weekend of Jan. 13, 2001. The field has been fully prepared and production is expected to begin during the week of Jan. 15, 2001. Fortune anticipates initial production of approximately 2500 barrels per day once all of the wells are on-stream.

"The start-up of production at the Camar Field is expected to be only the beginning of our long term production and exploration efforts in the Bawean PSC," states David Nunn, President of Fortune Oil & Gas, Inc. (*)

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