FTO Fortune Oil

TIDMFTO

RNS Number : 4000X

Fortune Oil PLC

10 January 2014

10 January 2014

Fortune Oil PLC

("Fortune Oil" or the "Company")

New Directorship of Ms Li

The Company completed the transfer of the Fortune Gas business (Fortune Gas Investment Holdings Limited) to China Gas Holdings Limited ("CGH") last year and the two companies' natural gas businesses are being integrated. As previously announced, one of the terms of the transfer was that Fortune Oil would have the right to nominate two directors to the board of CGH.

Fortune Oil is pleased to announce that Ms Li Ching, an executive director of the Company, has been appointed as an executive director of CGH with effect from 10 January 2014. Ms Li's responsibilities will include overseeing the Company's interest in respect of the Fortune Gas businesses, mainly including city gas networks, piped gas transmission, vessel gas development, and CBM development and operations.

China Gas Group Limited, the joint venture company in which the Company has a 50 per cent interest, holds 732,446,000 CGH shares, representing 14.69 per cent. of CGH total issued shares. In addition, Fortune Oil indirectly holds 184,119,463 CGH shares, representing 3.69 per cent. of CGH total issued shares. Therefore, Fortune Oil is deemed to be interested in a total of 916,565,463 shares in CGH representing 18.37 per cent. of CGH total issued shares.

 
For further information please 
 contact: 
Fortune Oil PLC 
 Tian Jun - Acting Chief Executive    Tel: (+852) 2583 
 Bill Mok - Chief Financial           3135 
 Officer                              Tel: (+852) 2583 
                                      3120 
 
VSA Capital Limited 
 Andrew Monk/Andrew Raca              Tel: (+44/0) 203 
                                      005 5000 
 

Background on Fortune Oil

Fortune Oil is a leading independent energy company engaged in the investment and operations of oil and natural gas supply projects in the Peoples Republic of China. Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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