PRESS RELEASE: Fortune Oil & Gas, Inc. announces production update
Friday, February 23 2001 - 04:00 AM WIB
Fortune Oil & Gas Inc is pleased to announce the following oil production results from its Camar Field in Bawean PSC, off shore East Java.
As earlier announced, production start-up commenced on January 16th, 2001. During the first month of production (January 16th, 2001 to February 16th, 2001) the Company has produced 87,821 barrels of crude oil.
The Company has reopened seven of the eight existing wells located at the Camar Field. Due to heavy winds and sea swells of between 4-1/2 and 5-1/2 meters and therefore safety concerns related to moving heavy equipment and personnel, Fortune Management decided to delay the reopening of the final well until weather conditions allow.
Fortune has scheduled the first lifting of crude oil from its FSO tanker, the Purple Star, to take place in early March. The Company expects to deliver approximately 140,000 barrels of crude oil to the market and the proceeds from the sale to be received approximately thirty days later.
David Nunn, President of Fortune expressed, ``This is an exciting time for Fortune with our first lifting scheduled and oil production continuing to expand as the final well is brought on-stream.''
The Company will continue with its production efforts and announce production results on a regular and timely basis.
Contact: Fortune Oil & Gas, Tony Shinkawa, 604/531-0385, Fax 604/531-0387 (*)