Fortune buys Bawean field

Fri, 26 May 2000, 00:00 WIB | Source: JP

JAKARTA (JP): Fortune Oil & Gas, Inc. announces today that its
subsidiary, Indo Pacific Oil and Gas, Inc., has signed an
agreement to acquire 100 percent of the shares of GFB Resources
(Java) Ltd. from Carmanah Resources Ltd. of Calgary, Alberta,
Canada.

The company said in a statement GFB Resources (Java) Ltd. owns
100 percent of the Bawean production sharing contract in the Java
Sea approximately 430 miles east of Jakarta, Indonesia and 50
miles north of the Island of Java.

The 3,025 square km contract area consists of two blocks; the
Northern Camar Block (1,805 square km) containing the "producing"
Camar Field and the Southern "exploratory" Tuban Block (1,220
square km).

The initial term of the Bawaen Contract was 30 years and it is
renewable for an additional 30 years after February 2011.

Camar Field commenced production in 1991 and was shut-in in
March 1999 primarily due to poor world market oil prices.

To date, Camar has produced eight million barrels of oil with
recoverable reserves in excess of 50 million barrels.

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