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?

What about the 4 million pounds dividends to minority interests? Apparently convertible holders "waived" some interest, but did they "waive" goodbye to their money forever?

I don't really know anything about it, just picked up the buzz on ADVFN, but that is the point that made me hold back.

The company fortune oil are confident that the sale of bluesky aviation is going to happen by the end of july 2004 saying that it is purely a procedural matter. So what is next , when the sale goes through shareholders will get an amount of cash back , the company is financially stronger and it can concentrate on there core interests of the supply of natural gas to cities in china which looks pretty lucrative especially as more contracts are won for eventual conversion to natural gas from LNG. So far so good for fortune oil . The prospects for the company look strong .

regards

bowman

The countdown is on for the sale of Bluesky Aviation , in the next two weeks we should see the selling of this subsidiary of fortune oil. T noticed today people are beginning to latch on to fortune with a lot of buyers in below 6p , i can't see the price been that when Bluesky is sold, all the shrewdies are moving in to make a mint. What is my price target , my personal opinion is 9p.

regards

bowman

looks a very cheap stock right now.

Blresky which is a subsidiary of fortune oil looks like it will be sold for approxiametly 47 million this is a great deal for both fortune oil and china aviation oil with the deal going through in the next two weeks. Fortune will get approxiametly 60% higher price as the deal was funded mainly by shares and china aviation oil share price has risen that much since the deal was first struck and deal terms will not be changed. China Aviation are really pleased also as it gives them a 75%stake in south china bluesky aviation

regards

bowman

Not long to go now before the deal goes through on Bluesky, its looks a company making deal for fortune oil , it will help the company move forward rapidly in china.Shareholders won't do to bad either getting a dividend off the sale of Bluesky.

regards

bowman

the price went to approx. 9.5p on announcement of the bluesky deal when it was for 31m, and since then apart from the extra 60% on the deal , they`ve announced a JV deal, good solid results. i would be hoping for at least 12-15p at the end of this month.
dexter

Thanks for that info dexter , i tend to be a little reserved on price targets but that jv did look a great deal for fortune. I rate the management team highly at Fortune, i believe they are giong to bring this company forward with some purpose.

regards

bowman

Countdown is on folks , any day between now and the 30th july for the sale of southern china bluesky aviation , both companies want the deal to go through. Both are eagerly awaiting approval from china.The management team at Fortune have always been confident the deal will go through before july30th.

regards

bowman.

Agree with dexter.The original bluesky deal looks better and once the approval comes who knows how far it will go.

morning all

Another day goes by, we move a step closer to the Bluesky deal being approved,should be any day now.

regards

bowman

It will be very interesting to see how the market reacts to it when it is announced. Could be a little or hopefully.....................A LOT!

we have a guide from when the deal was first struck , it did go up to 9.5p on that occasion before it was put on hold.Let see what happens approval has to take place soon

regards

bowman

Won't it be in the price already? 9.5 was after recommendation in Investor's Chronicle and it didn't stay there long.

The sale of china bluesky aviation has not been approved yet so how can it be in the price ? Secondly when it is approved it will be worth a lot more because the deal involved china aviation oil shares which have gone up nicely and there for when it is approved fortune will get a lot more than the original value of the deal . Also those options they are entitlled to look very promising indeed .

Fortune Oil goes up nicely as we get closer to the approval of the sale of Blue sky aviation oil to china aviation oil. Look on thursday for any news.

regards bowman.

why thursday?

morning all,
is this bluesky approval just a formality?,if that is the case i would have expected the price to be a lot higher.i just don`t understand why,with the results being good and a new JV announced as well as the increase they are getting for bluesky there isn`t more of a move upwards.please someone tell me i am not missing something,it`s driving me to drink!!.
cheers,
dexter

market sentiment im afraid !! what shares are going up not a lot !! most of market is flat or trending down switch off the pc come back in a months time as fortune will go up but patience is req as in jkx was 10p now 1.20ish worth waiting for just a bit boring i must admit !!

Hi guys , it did appear something was about to happen with Fortune Oil after yesterdays rise. False dawn not to worry only a few days left in the month i can only reiterate Bluesky is purely procedural. China Aviation Oil having being saying all along that the Fortue oil stake in Bluesky is now theirs and both company's are very happy with the deal. Fortune have also said that this is a formality ,why jeopadise their reputation. When it does happen the share price looks set to rise and shareholders will get a slice of the deal in the form of a special dividend. The deal is worth a lot more than when originally on the table.

regards bowman