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?

Morning All , this deal just gets better by the day,i am sorry guys if i was Bruce Mcgowan vice chairman Fortune Oil i woild nave a big smile on my face today after the adjustments to the deal for the sale of Bluesky Aviation stake.

no of shares given to fortune as part of sale before adjustments 37,,760,000
no of shares given to fortune as part of sale after adjustments 52,860,000
no of options given to fortune as part of salw before asjustments26,000,000
no of options given to fortune as part of sale after adjustments 37,400,000
Fortune also been given a nice dividend payment.

Everything is looking bright and beautiful at Fortune were just waiting approval off the prc .

regards bowman

The Bluesky Aviation deal must be worth around 60 million , that values the rest of the company at just 27 million . Therefore the company must be undervalued after the deal goes through with core interests doing well and new joint ventures looking good money earners. Those options look very interesting as china aviation oil (singapore corp) looks a very progressive company and has quadrupled in price since float three yaars ago.Well i think there is some intersting things lie ahead for Fortune Oil

regards bowman

yeah , all good . but when?

hi all,
has the deal got to be completed by the end of july still?,everything looks so rosy i can`t understand why the price is`nt higher.they`ve had good results,fantastic deal with bluesky and a new JV deal,surely it`s got to rocket,has`nt it?
dexter

According to bloomberg Yukos problems would stop rail shipment to China. Would this not mean that FTO would benefit ?

I believe Dexter that the deal can carry on till approval is given by the chinese goverment and i am guessing that if we do not here anything in the next two days we will get an announcement off the company next week as to how far the approval process has gone. Fortune might be on a fast track in china, yet some how i don't think the chinese goverment approval board are .

regards bowman

it`s going right to the wire,let`s hope it`s worth it
dexter

Last business day!!!!

if the deal was`nt going to be finalised by the end of july should`nt fortune have put out an rns saying why and far the deal was down the line?.after all we are the shareholders and they do have a responsibilty to us.
a disgruntled dexter

The company will probably give shareholders an update in the weeek ahead as to what is happening.


bowman

bowman: you are sad!

...with sympathy....

update released. Presumably just a matter of time as it seems to on course.

Right on the button ,still going ahead but you guys may recall i did say recently that the chinese approval commission were a bit on the slow side and i did say todays statement would come out. Seine you piece of crap stick this up your arse.

regards bowman

Fortune Oil PLC
02 August 2004


2 AUGUST 2004

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

UPDATE ON BLUESKY DISPOSAL

Earlier this year, Fortune Oil announced the proposed disposal (the 'Bluesky
Disposal') of Fortune Aviation Holding Limited, which owns a 24.5 per cent.
interest in South China Bluesky Aviation Oil Co Limited, to China Aviation Oil
(Singapore) Corporation Ltd ('CAO').

At Fortune Oil's Annual General Meeting on 25 June 2004, it was stated that the
Company continued to monitor the approval process in relation to the Bluesky
Disposal by the State-Owned Assets Supervision and Administration Commission of
China ('the Commission') (a necessary condition of the Bluesky Disposal) but
that completion was expected by the end of July.

On 27 July 2004, CAO announced that the Singapore Stock Exchange had given its
approval in principle for the listing of and quotation for the new shares in CAO
to be issued to Fortune Oil under the terms of the Bluesky Disposal.

Fortune Oil today announces that the approval process by the Commission has
taken longer than had originally been anticipated. The Company continues to
monitor the approval process in relation to the Bluesky Disposal by the
Commission on a day-to-day basis and looks forward to announcing the completion
of the Bluesky Disposal as soon as the necessary approvals have been obtained.

Fortune Oil has agreed with CAO an extension of the date for fulfilment of this
final outstanding condition in regard to the Bluesky Disposal.

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 7628 1114
Archie Berens or 07802 442 486




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

Thanks for putting this info up Andy .

regards bowman


r

looks like its a case of the chinese wanting to do business, but only on their time scale . feels like they wont be pushed into keeping to schedules.

Some big purchases today, any rumbles of an update regarding the sale of Bluesky Aviation or am I being too optimistic? This deal just drags on and on.

hello jason , doesnt it just!!! still , it makes life a touch more interesting.

bosley, it's like waiting for Christmas, lets just hope we get the surprise we are all expecting! Im off on my hols next week so you can be pretty sure that's when all the action will start if my current run of luck is anything to go by! Good luck to everyone!!

does anyone have any news or views as to when this deal will be completed?.i`ve been trying to find something /anything on the web but i can`t.it`s nearly 2 weeks past the original dealine.
cheers,
dexter