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?

Gardyne - Yes I agree, 2006-7 should be very good growth years for China. I think this company will see organic growth from the economy alone which should all help.

Trading Update

RNS Number:8742Y
Fortune Oil PLC
24 February 2006

24 FEBRUARY 2006
FORTUNE OIL PLC
("Fortune Oil" or "the Company")

Trading Update and New Acquisition
Trading Update

Upon entering a close period ahead of its Annual Results, Fortune Oil is pleased to announce that underlying operations for the six months ended 31 December 2005
have been in line with expectations as announced with the Interim Results in September 2005.

In the China natural gas business the Company has been able to meet the surging gas demand this winter. Throughput at the Tongzhou CNG station has exceeded expectations, averaging 180,000 cubic metres per day in January.

Acquisition

Fortune Oil has agreed to acquire the shares held by and the outstanding shareholder loans owing to the Vitol Group of companies in respect of South China Terminals Ltd, a joint venture with Vitol that holds the interest in the
West Zhuhai Oil Products Terminal, and in respect of Zhanjiang Fu Duo Gas Company Ltd, a subsidiary of Fortune Oil. The agreed total consideration is US$5.7 (#3.3) million payable in cash. This will increase the effective
shareholding by the Company in the West Zhuhai Oil Products Terminal from 18.5% to 37% and in the Fu Duo LPG business from 57.5% to 80%.

The principal impact will be that the Company has a more influential role in the operations and the future of the West Zhuhai terminal, in which PetroChina is
the principal joint venture partner. This is one of the most important terminals used by PetroChina for import and distribution of gasoline and diesel in south China and we anticipate continuing growth in its utilisation rate. In
2004, the net profit for the West Zhuhai terminal was #2.2 million while Fu Duo had a net profit of #75,000. The combined gross assets of South China Terminals
Ltd and Zhanjiang Fu Duo Gas Company at end December 2004 was #7.8 million.

The effective date for the transaction has been agreed to be 31 December 2005. However, since this is a transaction with a related party, the agreement is subject to approval by the Company's shareholders and, given the transaction's
relatively small size, shareholder approval will not be sought until the AGM on 21 June 2006. A further announcement on this will follow in due course.

New Appointment

The Company is pleased to announce that Mr. Tian Jun has been appointed as Chief Operating Officer for the Company's China operations. Mr. Tian Jun received a
degree from Beijing University and a PhD in Economics from the University of London, after which he worked in the City of London. He has been with the Fortune Oil Group of companies for seven years, acting as General Manager of
Maoming King Ming Petroleum Company and Deputy General Manager of South China Bluesky Aviation Oil Company. Mr. Tian Jun's appointment will strengthen the
corporate management team and enhance our China operations, with an initial focus on the natural gas business.

The Group's annual results will be announced in late April 2006. A presentation of the results will be held at our AGM on Wednesday 21 June 2006 at the Oriental
Club, Stratford House, Stratford Place, London W1C 1ES.

ENQUIRIES:
Fortune Oil PLC
Bruce McGowan - Executive Vice Chairman Tel: 020 7824 8411 (UK)
John Pexton - Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong)

Pelham Public Relations Limited
Archie Berens Tel: 020 7743 6679 or 07802 442 486

TRADING UPDATE FTO MOVING up!!!

Doing well. Plenty more upside and good news on the gas front.

They had enough money to invest in other companies.. FTO increased holdings to 37% and 80% in other two companies, not far from 100% though.
That's an investment for future IMO

Now Fortune has an influential say in operations it can begin to drive itself forward.

"In 2004, the net profit for the West Zhuhai terminal was #2.2 million while Fu Duo had a net profit of #75,000. The combined gross assets of South China Terminals
Ltd and Zhanjiang Fu Duo Gas Company at end December 2004 was #7.8 million."

Fortune now has potential to match these profits which should see share intrest and a broker mark up.

An oil stock with growth potential...yum yum

Lets not forget China has 10% economic organic annual growth according to the likes of Bloomberg. I see the sp on a one way street.

New thread made up, for a new start with FTO

Click on the link below :

http://www.moneyam.com/InvestorsRoom/posts.php?tid=9557#lastread