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?

;>)

Stockbunny - Nice to have agreement on the BB's. The world's always a better place with a kind word and a winning smile :-) (especially when you're waiting for your Fortune...)

Fortune Oil PLC
03 February 2005




3 FEBRUARY 2005

FORTUNE OIL PLC
('Fortune Oil' or 'the Company')

BLUESKY UPDATE

Further to the announcement dated 25 January 2005 by China Aviation Oil
(Singapore) Corporation Limited ('CAO') detailing their proposed scheme of
arrangement, the Company would like to confirm that Fortune Oil is not a party
to this restructuring proposal. The Company would also like to confirm that the
Sale and Purchase Agreement between CAO and Fortune Oil PRC Holdings Limited as
announced on 5 February 2004 has lapsed. Fortune Oil continues to retain its
24.5 per cent. interest in South China Bluesky Aviation Oil Company Limited
('Bluesky') and currently Fortune Oil is not seeking a buyer for Bluesky.

The Bluesky business continues to exceed expectations with significant growth
opportunities and the operations have not been affected by the problems at CAO.
In 2004 the jet fuel sales volume was over 1 million tonnes, a 33% increase over
2003. The prospects have been further enhanced by the recent government approval
of the plan by FedEx to build an Asia cargo operations centre at Guangzhou
Baiyun International Airport and the recent announcements by China Southern
Airlines of agreements to purchase thirteen new Boeing 787 aircraft and five new
Airbus A 380 aircraft to significantly increase its fleet based in Guangzhou.

ENQUIRIES:

Fortune Oil PLC Tel: 020 7589 2233 (UK)
Bruce McGowan - Executive Vice Chairman Tel: 00 852 2583 3113 (Hong Kong)
John Pexton - Deputy Chief Executive

Oriel Securities Limited Tel: 020 7710 7600
Simon Bragg
Natalie Fortescue

ICIS Limited Tel: 020 7651 8688
Archie Berens or 07802 442 486




This information is provided by RNS
The company news service from the London Stock Exchange

barney,

Thanks, that looks quite positive for FTO, IMHO.

Does this now remove the speculation and uncertainty over Bluesky?
Seems to me from the sidelines that this issue has dominated talk
of FTO for some time, so presumably some clarity will be good?

well wonder what this week will bring maybe a move up !! but i still think we need some news on progress across the board we might see a tick up and a bit of day trading on this but maybe not real movement until results time , which by then
i expect the speculators would of pushed it up a bit
people talk of it hitting 12p etc but for what reason as there are a lot of shares
about ,and what was that all about with bank getting their rns wrong
so heres hoping 12p i would be vry happy ,

.

Ha! Ha!

hightech--what are you on?? I could do with a dose! hope you're right mind.

Me too....Ha! Ha!

BBC 2 WORKING LUNCH mentioned getting into less well known oil companys as some ie jkx had risen 100% plus and some were doing quite well on 50 dollars a barrel oil price

Good that CAO not able to takeover BlueSky owned by Fortune as BlueSky has made 33% profit

whats going on with fto???????????? has anyone have a clue:)

No - I'm obviously not a Fortune teller ;-)

Nothing is happening when the market is closed. What are you talking about llewellyn?

if your talking about the share price , then its waiting for news and results time so poss a good time to top up for when this news etc arrives , still looking good tho as holding at 8p ish but would be nice to see some news on inst holdings / major share holders, directors topping up would be nice otherwise patience is reqed im afraid

ok hightech sorry that i asked about some info on fto??? you must know alot more about the company!!!!!!!!!!!!!

llewellyn _ Sorry if I offended you. it was a prompt reponse with no intention.
Can you share your views about FTO?

The price of oil does not seem to moves these.

yes i can shares my views about this company hightech,about 2 years ago i brought 550000 shares @1.75 ,and i should have sold them when they were 10p!!!but has we all know ,greed takes ahold of you and i sat on them,i was hoping that bluesky deal had gone through!do i sell now and take the profit or hold on.over to you hightech :)