profits ahead of last years.the company has 80% interest in a joint venture with china national petroleum corp(cnpc).market makers bought a lot of stock on friday followed by big buys on monday.profit taking on tues am then buyers back in pm.any views?

llew,
sell 15k and make a nominal profit. you are then playing with somebody else`s money!!

llew,
sell 15k and make a nominal profit. you are then playing with somebody else`s money!!

i think snakey you are right however i have invested 37 k in the stock market and have not made any gains apart from fortune oil ??????????????? my guess is that if i hold on abit longer ,i might make some real profit with this company has i am down most of my investment??????????????????????????

Flippin heck Llewellyn, who's giving you tips? Numpies-R-Us???!!!

The last couple of months there's been some absolutely cracking punts. We've all got disaster stories and shares that we hang onto until way beyond the point of reason, but you learn by your mistakes and hopefully get better at it.....

I've held these for months and months, topping up along the way, and it does seem a purgatorial wait at the mo for it to break through the 8p barrier. But I'm holding my nerve unless it breaks down decisively at which point I'll probably sell half to protect my original stake, and await further developments.

If you don't mind me askin, what other shares are you in? I'm a bit baffled as to how you are only up with one share out of your portfolio......
;(

llew, if you sell some now and keep 40k, you can never lose on this one as it ain`t your money.play the sensible game,either make free shares when they rise, as is the way with some stock, or cash some in and hold the rest for nothing.
there are no guarantees in this business, so capitalise whenever you can.
good luck etc

Emailed FTO yesterday regarding bluesky deal, response was typically ambiguous and reflective of lengthy bureaucratic analysis by chinese govt.-
'We regret that the exact timing of the consideration of the authorities in
Beijing is beyond our control and impossible to forecast. We will make
announcements when significant news is obtained.

Regards
Fortune Oil PLC '

Well we're obviously looking way into 2005 if not beyond. If there was anything remotely imminent the message would have had a more optimistic tone. If they are now waiting for news, rather than completion it may never happen.

Has anyone else read the recent news on the Bluesky deal. Its under EPIC FTO dated 30/11/2004.

Not sure how it sounds!!!!!!

well i think price went up one spot on the news so i think it was taken as a resounding ...ok i suppose

Will,

Well we're back to the 8p strong resistance point again!

It will be interesting to see whether we retrace as has consistently happened when we reach this point, or whether we can finally breach 8p, in which case that would indicate to me the overhang of sellers at the 8p level is finally over.

i agree, i still think the bluesky thing is not the biggest influence. FTO are supplying energy into the largest growing economy in the world. They are currently working three day weeks in a lot of areas due to no power. They are addressing both the oil and gas marketplace.This is the reason i bought FTO, that is for exposure to China with a company that looked well positioned. Incidentally I personally do not like the look of most potential investments in China.

The bluesky deal is not the biggest influence, however, if they announced the bluesky deal had fallen through the shared price would not remain at it current price thats for curtain. It would for sure drop by some margin.

The over all picture with its ventures in oil and gas is worth staying around for.

Well, by my reckoning, it absolutely MUST break through 8p by about the end of next week. Otherwise the strong trend line will be broken and then it's time to take stock.........

I need this one to come good cos I've had a shocking week; PRE,PCI,HNR,ROC,PMO.
Hmmm, spot a theme there anyone?
What a whingeing git!!!!

Good luck next week peeps.

Beasties,

Yes that was a bad week for most of us I think!

I Sympathize with Beasties and all others who have been hammered this week on oil, gas, etc stocks.I to have taken a hit on Pan Andean, i read an article last weekend ,i believe, saying that Evil Knevil was buying PRE , due to a supposed good drilling report.Look what happened!!!.
I have held FTO for approx 6 months bought 10000 at 6.05p, i think the company has a great future, the results were amazing.Full year results should be awesome. Just amazes me that companies like Asian Energy can rocket from 75p ish, to over 5 in a couple of months.

Good luck all. Here`s to staying over 8p on monday.

Cosworth1,

No copmparison I'm afraid, Asian Energy have just discovered enormous coal resources in Bangladesh, that's why their price has rocketed.

Andy,

I appreciate that, but production won`t be starting for many years, and funding looks to be there next problem. Regards.

Cosworth1,

With the deposits they are reputed to have discovered, I doubt funding will be much of a problem to be honest.

I believe they are going to try and fast track production, maybe starting in 2006.

I don't hold, but consider them a decent bet.

Is this it then? Seems to be holding above 8p at the mo.......

Looks like it,long time coming.