NEW IS OUT....PR....
Company Press Release
Fortune Oil & Gas, Inc. (FOGC) Investor Update.
Jakarta, Indonesia – Business Wire: Fortune Oil & Gas Inc. (NASDAQ Non-OTC BB: FOGC) is pleased to announce the appointment of Mr. Mark Greenwood to the Board of Directors of the Company effective October 27, 2000. Mr. Greenwood, a resident of Bangkok, Thailand, holds a Degree in Law from Manchester University, United Kingdom. In addition to his legal training, he was a principal of an Asian based Investment Securities Firm and has spent the past twenty years in the Financial Services Industry in Asia. We welcome his extensive experience and knowledge of the business environment in Southeast Asia and consider his appointment to be a significant asset and benefit to the Company.
The Company, through it’s subsidiary, GFB Resources (Java) Ltd., has hired Mr. Richard Grantham as its Finance Director. Mr. Grantham held, until joining The Fortune Group, a similar position with a Multi-National Corporation in Indonesia. Mr. Grantham is responsible for all administrative, reporting and taxation requirements of Fortune Oil & Gas Inc. and GFB Resources (Java) Ltd. required under the Company’s Production Sharing Contract held in Indonesia.
The Company announces that effective October 1, 2000 the Jakarta, Indonesia office of the Company’s subsidiary, GFB Resources (Java) Ltd. has been relocated to Wisma Dharmala Sakti, 15th Floor, Jl. Jenderal Sudirman 32, Jakarta. The new offices are located in the Central Business District of Jakarta. This move was initiated to establish a more central and upscale business presence in the Indonesian business community.
Fortune Oil & Gas Inc. has relocated it’s North American office, effective October 15, 2000 to Suite 305-1656 Martin Drive, White Rock, B.C. With the recent acquisition of GFB Resources (Java) Ltd., Fortune Oil & Gas Inc. required larger premises. This move also allows for future growth and expansion of the Company without further relocation.
GFB Resources (Java) Ltd. is in the process of relocating it’s service office in Surabaya, Indonesia and this is expected to be completed by mid-November 2000.
With the restructuring of Fortune and GFB Resources (Java) Ltd. now complete, both new offices are fully staffed.
The Company has entered into an Agreement with J. Michael King’s firm, Princeton Research, Inc. of Las Vegas, Nevada. They and their staff will be responsible for all Investor Relations matters. Fortune has recruited Princeton’s legal staff to complete their SEC S-1 filing which will make Fortune Oil & Gas Inc. a fully reporting issuer. The SEC S-1 filing has the highest degree of disclosure of any of the various filing mechanisms under the SEC rules and regulations.
Work commenced in the Camar Field on the 29th of August, 2000 with a two day
inspection visit.
Following this we mobilized production and maintenance personnel to the
field on the 1st of September, 2000.
To date we have had an average of 14 personnel offshore at any given time. The
general work has been to inspect, overhaul, test and put into service all
platform ancillary services and to prepare all production facilities for
recommissioning and field start-up.
We have now reached 59 days free of LTIs (Loss Time Incidents).
Highlights to date have been as follows:
* Overhaul and maintenance of all Caterpillar engines - 90% complete
* Restart of CPP and WPP generation and associated electrical systems
* Recommissioning of SCADA system
* Recommissioning of instrument air systems
* Recommissioning of platform controls and instrumentation - 80%
complete
* Inspection and leak test of all process vessels - 90% complete
* Hydrotest of floating hoses and subsea lines
Process vessels and piping have generally been in good condition. Some
equipment is being replaced due to corrosion. In general the condition of
the platforms has been better than initially expected.
Prior to start-up all mechanical, electrical, process and instrumentation
equipment is being completely overhauled and replaced where necessary. Where
required, older equipment is being updated with newer models.
The start-up date of production is anticipated to be during the 2nd or 3rd week of November with a possible early start-up during the first week of November.
Production start-up is being coordinated with the arrival of an FSO (Floating Storage and Offloading) vessel at the Camar Field.
Please refer to our web site: www.fortuneoilandgas.com for updated pictures and information.
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: 702-650-3000
We will all get filthy stinking rich and love it
AI
