Forte Energy NL
LSE : FTE

September 11, 2013 09:46 ET

Issue of Equity


                                                                                            Forte Energy NL
                                                                                                           
                                                                                               AIM Release
                                                                                                          

11 September 2013


                                SHARE ISSUE FOR DUTCHESS CONVERSION NOTICE.


Forte  Energy  NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) announces that it has issued  62,950,000
fully  paid  ordinary shares to Dutchess Opportunity Cayman Fund, Ltd ("Dutchess"). The  shares  have  been
issued  following  the receipt of a conversion notice from Dutchess in accordance with  the  terms  of  the
US$1,000,000 loan facility that was announced on 6 June 2013 ("Dutchess Loan Facility").

Under  the  terms of the Dutchess Loan Facility, Dutchess may elect to convert 133% of all or part  of  the
outstanding drawndown amount (plus accrued interest) into fully paid ordinary shares at a price  per  share
equal to 75% of the volume-weighted average market price for the 15 trading days immediately preceding  the
conversion date. Interest accrues on all drawdown amounts at a rate of 8% per annum, capitalised annually.

The shares were issued at 0.68 Australian cents (0.39 pence) each for the exercise of conversion rights  in
respect  of  US$285,500 of the total drawndown amount (US$600,000). Following the conversion, there  is  an
outstanding drawndown and interest balance of US$510.

Forte  Energy has the right at any time prior to the maturity date to repay the drawndown amount under  the
Dutchess Loan Facility (together with interest accrued thereon) at a price equal to 107% of the outstanding
drawndown amount and accrued interest.

Application has been made for the new shares to be admitted to trading on both the ASX and AIM.  Trading in
the new shares is expected to occur on AIM on or around 17 September 2013.





For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +44 (0) 203 3849555

Stuart Laing
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2506
(AIM Nominated Adviser to the Company)

Geoff Nash/Ben Thompson                  Tel: +44 (0)207 220 0500
Elizabeth Johnson (broking)
finnCap


Bobby Morse/Cornelia Browne
Buchanan                                 Tel: +44 (0) 207 466 5000



Forte Energy NL

Australia                                United Kingdom

Suite 3, Level 3                         3C Princes House
1292 Hay Street                          38 Jermyn Street
West Perth WA 6005                       London SW1Y6DN
Ph: +61 (0)8 9322 4071                   Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073                  Fax: +44 (0)207 2878387
Email: info@forteenergy.com.au           Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au
ACN: 009 087 852


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  • Forte Energy NL