Main Web Site : http://www.fortune-oil.com/

CBM Partner Web site : http://www.molopo.com.au

IC Write Up : 21st Apr 2006 IC Write Up

Last Major News : 18th Apr 2006 Coal Bed Methane Project

Prelims : 27th Apr 2006 Prelim Results Link

Latest Broker Forecasts : Oriel 7th April 2006 BUY

Prelim Results and Further Updates due around 25th to 27th April 06

ABOUT FORTUNE OIL

For over a decade Fortune Oil PLC has focused on investments and operations in oil & gas infrastructure projects in China and remains one of the few overseas companies operating oil terminals and supplying natural gas in China, all in partnership with the countrys largest oil & gas companies
Fortune Oil PLC is incorporated in England and Wales and is subject to UK Listing Rules and compliance regulations. The largest shareholders are First Level Holdings Limited, Vitol and major Chinese state-owned corporations.

NATURAL GAS :




China will be the world's largest growth market for natural gas as supplies of this clean and economically attractive fuel become more accessible. Fortune Oil's investments in natural gas are principally through Fu Hua, a joint venture with a PetroChina affiliate, which on-sells gas from the pipelines supplying Beijing. In north China Fortune Oil controls and operates distribution pipelines and city gas reticulation systems as well as facilities to produce and transport Compressed Natural Gas (CNG).
Fortune Oil is now one of the leading providers of CNG in Beijing, providing clean fuel for buses, households and factories. In October 2004 Fortune Oil also became the first overseas company to supply LNG (Liquefied Natural Gas) to users in China, delivering LNG by road to the ancient city of Qufu, the home of Chinese philosophy.

OIL TERMINALS :
Maoming SPM

Fortune Oil established the Maoming Single Point Mooring (SPM) in December 1994 to supply crude oil to Sinopecs Maoming refinery, the largest in southern China. The SPM now delivers 10% of Chinas crude oil imports. It allows VLCCs (Very Large Crude Carriers) of up to 280,000 tonnes to moor and deliver crude oil via a 15 km sub-sea pipeline. The SPM is owned and operated by a joint venture company, Maoming King Ming Petroleum Company Limited, and the other main shareholder is Sinopec Maoming Petrochemical Corporation.
The SPM buoy is commonly used throughout the world for loading and unloading liquids but the Maoming SPM remains the only buoy system in China used for importing crude oil. Fortune Oil believes that the SPM concept is a cost-effective solution for importing crude oil into China as many ports are shallow and will become more congested as demand increases. The only alternative to a buoy system in many ports is to dredge channels for large tankers. The SPM has provided significant cost savings to the Maoming refinery through its low operating costs and VLCC capability.

Products Terminals

The oil products market in China is in the process of deregulation and this will allow a larger role for foreign companies in the import and distribution of refined products. Fortune Oil remains one of the few foreign companies with interests in products terminals.
Fortune Oil and Vitol jointly developed the West Zhuhai Oil Products Terminal at the western entrance of the Pearl River Delta. These facilities came on stream in 1998 and comprise 240,000 cubic metres storage and jetties for receiving and distributing refined products. It is one of the few products terminals in south China able to handle 80,000 dwt ocean-going tankers. A controlling stake was sold to PetroChina which uses the terminal for supply of diesel to south China.
In addition Fortune Oil controls a LPG terminal and supply business (Fu Duo), which has 80,000 customers in Zhanjiang city, and owns storage facilities in Shantou. Prior to the restructuring of the China oil industry in the late 1990s, Fortune Oil was also a major participant in the gasoline retail market and in oil trading. We continue to operate two gasoline stations in Beijing but our trading activities are limited to low-risk domestic trading.

Blue Sky Aviation Oil

The South China Bluesky Aviation Oil Company owns and operates the refuelling infrastructure at 15 airports in south China. These include Wuhan, Guilin and the new Guangzhou Baiyun International Airport. Fortune Oil and BP each hold 24.5% of the joint venture and Beijing-based China Aviation Oil Supply Corporation (CAOSC) holds 51%. The consumption of jet fuel in China is rising significantly, particularly at Guangzhou because of pent-up demand in the Pearl River Delta.
The new Guangzhou airport was opened in August 2004. The construction cost was US$2.3 billion and it is almost four times the size of the old airport in downtown Guangzhou. The new airport is capable of handling 25 million passengers and 1 million tonnes of cargo per year and ranks number three for aviation fuel sales in mainland China.

We just need for positive news flow out of Asia...like MOFCOM approval...or do we go through the whole long stop moving out business again..:)
There are quite a lot of positives building into the system........

L&G once held below 3% in the past, so maybe they are now happy to hold at this level and are finished selling...I suppose we shall see in the coming week, as I suspect the sp will attempt to move above 9p in the short term.

China Gas Holdings: Postive profit alert,estimates earnings to grow 64%.

China Gas Holdings SP up 6%.

Sleep time now....ZZZzzzzzz

CHINA GAS HOLD (00384.HK) kept Neutral, TP hiked to $8 by GS
2013-05-28 11:46:43
Size

Goldman Sachs noted in a research report that CHINA GAS HOLD (00384.HK)'s positive profit alert met the expectation of the research house, which estimates the earning to grow 64% yearly to $1.567 billion. The Company's 1H net profit soared 86% yearly to $808 million, hinting net profit of $759 million in 2H.

The future concerns include the development of CNG / LNG stations with SINOPEC CORP (00386.HK); possible completion of acquisition of Fortune Gas; exit of LPG import business; agreement related to LPG with SINOPEC CORP. The research house lifted the 2013 EPS forecast by 3%. The target price is lifted from $7.6 to $8, with Neutral rating maintained.

I think the lazy dog days of Summer have arrived early this year..:)
I can see the long stop date on this one been pushed out beyond 30th of June.
Your post 1215 seems to indicate concerns from GS about the gas deal....it is a surprisingly long time, not to hear anything from MOFCOM for such a small gas deal.
One wonders what the hold could be as there is no monopoly issues with it..

It is now over 5 months...that to me is bad news. This deal should have been confirmed within 2 months... GS's are right to be concerned now...

L&G hold about 66 million...think they are selling the LOT!!!

The board of directors (the “Board”) of China Gas Holdings Limited (the “Company”) hereby announces that a meeting of the Board will be held on Wednesday, 26 June 2013 for the purpose of, among other matters, approving the annual results of the Company and its subsidiaries for the year ended 31 March 2013 and its publication and considering the payment of a final dividend, if any.

Mofcom is the only show in town...when it shows up...
FTO have their AGM next week. CGH will no doubt release good results but it will have no impact until we have clarification on this possibly gas sale.....

A 3 low...with all that has happened in that time...who would have thought it would be here...
A much better company now then back then with a divi...
Defies logic really...

doing som research came across this article wanted to find out about mofcom and how long they take

On April 16, 2013, MOFCOM issued approval for Glencore's
acquisition of Xstrata subject to conditions. Less than a week
later, on April 22, it did likewise for the takeover of Gavilon by
Marubeni.
Overall MOFCOM's approach in both transactions was
remarkably similar. However, there were also some key
differences.
Common features
Common to both transactions is that the merger control
clearance procedure with MOFCOM was very drawn out –
over a year from the moment of the initial filing in the
Glencore/Xstrata transaction, and around 10 months for the
Marubeni/Gavilon transaction. In both transactions, the
parties withdrew their notifications at the end of 'phase 3' in
the procedure (after around 180 days) – at the end of which a
decision must be made according to the law – and re-filed
them as new notifications.

so it looks like about a year only another 6 months remaining

If I am not mistaken both of the above are very very big mergers, that needed clearance by a few governments...
FTO's gas sale is ridiculously small in comparison to them.....
However I agree with your last line above.....

It is clearly a frustrating time tring to do business in China... It is for me, the one reason why FTO's sp is so weak. Time tables are non existent over there. You only have to look at Liulin development...never once met a target and not likely too either in the foreseeable future... The market does not trust their plans and apparently is correct not too.. Still no word from Maoming oil storage expansion deal with Sinopec.... Liulin...no news....Armenia no news.... Gas sale no news...

HINA GAS HOLD (00384.HK) recorded a net profit growth of 84.9% to $1.76 billion in the year ended March 2013. Earnings per share were 39.37 cents. A final dividend of 6.28 cents was declared, together with the interim dividend making a total of 8.48 cents. The total dividend soared 120% from a year ago.



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Good results and should benefit from the tie up with Sinopec...when it is eventually concluded....

I don't remember being notified of a stop date of 30 june 2013 but they have extended it to 30 September now at least we are now aware of of some news I think that is why this company is not successful because they don't know what info to give share holders if this was known before of june 30 right now people would have been cleaning up the shares and the price would have gone back up again and maybe l and g would have stayed around

27 June 2013



Fortune Oil PLC

("Fortune Oil" or "the Company")



Extension of Final Date for MOFCOM Consent





On 17 December 2012 the Company announced that it and Wilmar International Limited, the 15% shareholder of Fortune Gas Investment Holdings Ltd ("FGIH"), had entered into a conditional contract to sell their entire interest in FGIH to China Gas Holdings Ltd. Completion of the transaction was subject to certain conditions, including regulatory approval from MOFCOM (the anti-monopoly bureau of the Ministry of Commerce of the PRC), being satisfied by 30 June 2013 (or such later date as agreed in writing) (the "Long Stop Date"). Given additional time is required for the fulfilment of the MOFCOM regulatory approval condition, the Company, Wilmar International Ltdand China Gas Holdings Ltd have entered into a supplementary agreement in order to extend the Long Stop Date to 30 September 2013.

and also is nt it a bit late going 3 days before to mention it

If you had contact with Chinese, you wouldn't ask this question.
The chinese verbs do not have time in it, so the culture

ROVERGT1:
30th June stop date was issued with the original rns on the 17th December 2012.

oh sorry my mistake