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?

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.

I'll reserve judgement til the close of play if it's all the same. Seen this before, only to close back where it started. If it stays up, tomorrow might be the time to top up.

Great news....

Fortune Oil takes controlling stake in jv for natural gas in Beijing suburb
AFX


LONDON (AFX) - Fortune Oil PLC said it is expanding its compressed natural gas (CNG) business in the Beijing area and has agreed to take a controlling stake in a new joint venture formed to supply natural gas to the suburb of Huairou.

In addition, the Fu Hua subsidiary has begun operating a CNG station at Dagang near Tianjin and has commenced construction of a major CNG station at Tongzhou in Beijing.

The new joint venture, Beijing Fu Hua Dadi Gas Company, will be owned 35 pct by Fu Hua (an 80 pct subsidiary of the company), 25 pct by Fortune Gas Development (a 100 pct subsidiary) and 40 pct by Beijing Dadi Gas Construction Co (the current operator).

The company's investment in the projects will total 4.6 mln stg over the next few months and the board said it expects that the combined effect will be earnings enhancing in 2005.

newsdesk@afxnews.com

hyleo98,

yes that looks like decent news, and a little unexpected too.


Besties,

The BID is now 8p!

That has been a long time in coming, and IF we can hold at this point it may indicate the last of the 8p overhang has been cleared.

Andy
I'm watching this closely because if we see some strength in the next day or two the sp could start to motor. Everything crossed. Got my scalpel out looking for some dead flesh in my portfolio (shouldn't be too hard!) for a top-up.

Looking good........

Bit mystified by the trades that have gone through today though. Mainly sells vs buys according to the MoneyAM trade page on here. And yet the price goes up???

And looking good again today. Could this be the corner finally turned, and without the Blue Sky deal?

Fingers, toes, eyes, everything crossed!!