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?

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!!

This is a great buy

Besties, Queen1

Well we held at over 8p BID, so maybe FTO really have turned the corner?

Next week will tell IMHO, I would like to see 9p mid hold, the chart is looking really nice!

Wow, what an exciting day!
Not.
Was it the MM's Xmas bash today???

Andy, let's hope that it is a corner rather than a circle taking us back down to 6p! Sorry, not very festive is it?! What I meant to say was, "Go, Go FTO, 10p by Xmas, don't you know!"

Here we go. At last.

Very nice to see this finally break through the 8p resistance and now straight through the 9p, lets hope it holds its own tomorrow.

Would rather it just edged up in a stately fashion. Much better for the nerves than the sky-rocket effect.