Fortune Oil to List Additional Shares

Fortune Oil has received formal notification from First Level Holdings Ltd and Vitol S.A of their intention to convert all their holding of unsecured convertible loan stock 2004 into new ordinary shares of the Company at the next conversion date of April 30, 2004. At the date hereof First Level and Vitol own all the 10.625 million Loan Stock currently in issue.

Following the conversion by First Level and Vitol there will be no Loan Stock outstanding.

The conversion will require Fortune to issue in aggregate 354,166,666 new ordinary shares. The issue of these new ordinary shares will take place upon the UK Listing Authority and London Stock Exchange admitting these new ordinary shares to listing. Listing Particulars to be issued by the Company in respect of the conversion will be available in due course.

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