Fortune Oil plc : Proposed disposal of the Natural Gas Business (the “Proposed Transaction”)

16 January 2013

FORTUNE OIL PLC

("Fortune Oil" or the "Company")

Proposed disposal of the Natural Gas Business (the "Proposed Transaction")

Fortune Oil (LSE: FTO.L) focuses on oil, natural gas and resource supply operations and investments, primarily in China. Fortune Oil is listed on the Main Market of the London Stock Exchange.

Further to the Company's announcement of 17 December 2012, Fortune Oil is pleased to announce that it has received a formal waiver from the facility agent on behalf of the over two thirds majority of lenders from the Fortune Oil group's medium term lending syndicate. Accordingly this condition in the sale and purchase agreement of the Proposed Transaction has now been satisfied.
The Company will send a circular to shareholders in due course which will contain the details of the General Meeting in order to approve the Proposed Transaction.
For further information please contact:

Fortune Oil PLC Tee Kiam Poon - Chief Executive Bill Mok - Chief Financial Officer	Tel: [phone] Tel: [phone]
Oriel Securities (Sponsor and broker) Michael Shaw Stewart Wallace	Tel: [phone]
BNP Paribas (Financial Adviser) London office: Paul Staples Kenny Yau Hong Kong office: Kenneth Quinn	Tel: [phone] Tel: [phone]
Pelham Bell Pottinger Archie Berens	Tel: [phone]

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 PRC. 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 recently started an expansion outside the PRC securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.