Fortune sells crude production to Pertamina
Wednesday, October 3 2001 - 10:53 PM WIB
Canadian oil firm Fortune Oil & Gas Inc. said Wednesday that it had successfully completed a lifting of crude oil, and subsequent sale, from its storage tanker, The Purple Star.
Fortune said the sale of crude oil to state oil and gas firm Pertamina was for approximately 100,000 barrels and was completed on Aug. 15, 2001.
Fortune, through its wholly owned subsidiary, Indo-Pacific Resources (Java) Ltd., received $25.26 US per barrel (net) with proceeds expected shortly.
Fortune owns 100 percent interest in Bawean production sharing contract (PSC) area offshore East Java and produces oil from its Camar field.
According to the company, it is now operating the Camar filed with its own personnel, thereby lowered overhead and puts Fortune management in more direct control of matters in the field, such as ongoing maintenance and production. (alex)