Main Web Site : http://www.fortune-oil.com/

CBM Partner Web site : http://www.molopo.com.au

IC Write Up : 21st Apr 2006 IC Write Up

Last Major News : 18th Apr 2006 Coal Bed Methane Project

Prelims : 27th Apr 2006 Prelim Results Link

Latest Broker Forecasts : Oriel 7th April 2006 BUY

Prelim Results and Further Updates due around 25th to 27th April 06

ABOUT FORTUNE OIL

For over a decade Fortune Oil PLC has focused on investments and operations in oil & gas infrastructure projects in China and remains one of the few overseas companies operating oil terminals and supplying natural gas in China, all in partnership with the countrys largest oil & gas companies
Fortune Oil PLC is incorporated in England and Wales and is subject to UK Listing Rules and compliance regulations. The largest shareholders are First Level Holdings Limited, Vitol and major Chinese state-owned corporations.

NATURAL GAS :




China will be the world's largest growth market for natural gas as supplies of this clean and economically attractive fuel become more accessible. Fortune Oil's investments in natural gas are principally through Fu Hua, a joint venture with a PetroChina affiliate, which on-sells gas from the pipelines supplying Beijing. In north China Fortune Oil controls and operates distribution pipelines and city gas reticulation systems as well as facilities to produce and transport Compressed Natural Gas (CNG).
Fortune Oil is now one of the leading providers of CNG in Beijing, providing clean fuel for buses, households and factories. In October 2004 Fortune Oil also became the first overseas company to supply LNG (Liquefied Natural Gas) to users in China, delivering LNG by road to the ancient city of Qufu, the home of Chinese philosophy.

OIL TERMINALS :
Maoming SPM

Fortune Oil established the Maoming Single Point Mooring (SPM) in December 1994 to supply crude oil to Sinopecs Maoming refinery, the largest in southern China. The SPM now delivers 10% of Chinas crude oil imports. It allows VLCCs (Very Large Crude Carriers) of up to 280,000 tonnes to moor and deliver crude oil via a 15 km sub-sea pipeline. The SPM is owned and operated by a joint venture company, Maoming King Ming Petroleum Company Limited, and the other main shareholder is Sinopec Maoming Petrochemical Corporation.
The SPM buoy is commonly used throughout the world for loading and unloading liquids but the Maoming SPM remains the only buoy system in China used for importing crude oil. Fortune Oil believes that the SPM concept is a cost-effective solution for importing crude oil into China as many ports are shallow and will become more congested as demand increases. The only alternative to a buoy system in many ports is to dredge channels for large tankers. The SPM has provided significant cost savings to the Maoming refinery through its low operating costs and VLCC capability.

Products Terminals

The oil products market in China is in the process of deregulation and this will allow a larger role for foreign companies in the import and distribution of refined products. Fortune Oil remains one of the few foreign companies with interests in products terminals.
Fortune Oil and Vitol jointly developed the West Zhuhai Oil Products Terminal at the western entrance of the Pearl River Delta. These facilities came on stream in 1998 and comprise 240,000 cubic metres storage and jetties for receiving and distributing refined products. It is one of the few products terminals in south China able to handle 80,000 dwt ocean-going tankers. A controlling stake was sold to PetroChina which uses the terminal for supply of diesel to south China.
In addition Fortune Oil controls a LPG terminal and supply business (Fu Duo), which has 80,000 customers in Zhanjiang city, and owns storage facilities in Shantou. Prior to the restructuring of the China oil industry in the late 1990s, Fortune Oil was also a major participant in the gasoline retail market and in oil trading. We continue to operate two gasoline stations in Beijing but our trading activities are limited to low-risk domestic trading.

Blue Sky Aviation Oil

The South China Bluesky Aviation Oil Company owns and operates the refuelling infrastructure at 15 airports in south China. These include Wuhan, Guilin and the new Guangzhou Baiyun International Airport. Fortune Oil and BP each hold 24.5% of the joint venture and Beijing-based China Aviation Oil Supply Corporation (CAOSC) holds 51%. The consumption of jet fuel in China is rising significantly, particularly at Guangzhou because of pent-up demand in the Pearl River Delta.
The new Guangzhou airport was opened in August 2004. The construction cost was US$2.3 billion and it is almost four times the size of the old airport in downtown Guangzhou. The new airport is capable of handling 25 million passengers and 1 million tonnes of cargo per year and ranks number three for aviation fuel sales in mainland China.

10 next ChristmasI learnt that from Dil

Hadn't realised FTO have nearly 2 billion shares in issue, which makes me feel uncomfortable. Must admit my purchase was nothing more than a momentum play based on limited research so have closed for a nice little profit in less than 24hrs.

I'll sit down and take a better look in the near future and may re-invest in the new year.

In the meantime good luck to the rest of you and a happy new year :)

Bloomberg:fedex adds china-indian flights on dramatic growth.
good news for Bluesky and fto.

Wednesday 12 January, 2011Fortune Oil PLC
Fortune Oil Acquires Stake in
RNS Number : 3188Z
Fortune Oil PLC
12 January 2011





FORTUNE OIL PLC

("Fortune Oil" or the "Company")



Fortune Oil Acquires Significant Stake in Armenian Iron Ore Mines





Highlights



Total investment of US$24 million representing a 35% equity interest in Bounty Resources Armenia Limited ("BRAL") which in turn controls three Armenian iron ore mines with proven, probable and inferred reserves of 1,832 million tons



Fortune Oil has the option to increase this holding to 50% for an additional US$16 million investment



Transaction follows launch of Fortune Oil's new strategy in November to actively pursue overseas investment opportunities related to the demand for energy and resources in China



First mine, Hrazdan, contains high quality iron ore (40% iron concentration) and is expected to be profitable in 2014



China is the world's largest importer of iron ore accounting for 60% of China's total iron ore consumption in 2010





Mr. Tee Kiam Poon, Chief Executive of Fortune Oil, commented:



"We are extremely pleased to have begun implementing our new Resources Strategy with our investment in these three iron ore mines in Armenia. The ever growing demand for resources in China, in addition to these mines containing a significant amount of reserves, makes this a very exciting opportunity. This is truly a "step-change" for the Company and its shareholders. We look forward to this acquisition making a positive contribution in years to come."



Fortune Oil, a company listed on the London Stock Exchange main board focusing on oil, natural gas and resource supply operations and investments in China, has today announced that it has invested a total of US$24 million for a 35% equity interest in BRAL, a company which controls three iron ore mines in Armenia. The licences to the three Armenian mines are owned by Nagin LLC (a locally incorporated entity) which in turn is a 72% subsidiary of Caspian Bounty Steel Limited, an 83.3% subsidiary of BRAL.



In addition, Fortune Oil has acquired the remaining 16.7% minority shareholding in CBSL for US$2 million.



The BRAL and CBSL investments will be financed from the Company's existing cash reserves.



Under the agreement, Fortune Oil has the option to invest a further US$16 million for an additional 15% of BRAL (the "Option"), which would take the entire investment amount for the 50% stake to US$40 million. BRAL currently only has one other shareholder, Bounty Investment Holdings Limited, an investment holding company in various energy/resource projects globally. The acquisition is being effected through Giant Global Development Limited, a subsidiary of Fortune Oil.



Prior to exercising the Option, Fortune Oil's effective equity interest in the three Armenian mines is 33% which after Option exercise increases to 42%.



The investment in BRAL is in-line with Fortune Oil's recent launch of its Resources Strategy, focused on actively pursuing overseas investment opportunities to capitalise on the demand for energy and resources in China, which was announced on 18 November 2010. In addition to Fortune Oil's investment in BRAL, the Company is also in the process of establishing a strategic alliance with leading Chinese and international organisations to support its resources business and capitalise on growth opportunities.



Between 2000-2010, China's iron ore imports increased from 69 million tons to 619 million tons. It is expected that China's iron ore imports will increase to approximately 712 million tons in 2011.



Background on the Mines

The three iron ore mines are located in the Armenian cities of Hrazdan, Abovyan and Svarants and have proven, probable and inferred reserves of 77 million tons (Hrazdan), 255 million tons (Abovyan) and 1,500 million tons (Svarants) which have been confirmed by Russian standards and a July 2010 Minarco-Mineconsult desktop assessment. The three iron ore assets will be developed in phases to effectively manage capital/financing requirements. The US$24 million investment, and any proceeds from the exercise of the Option, will be applied towards mine preparation, mining the ore, and processing it to maximise the iron ore concentrate (66% iron).



Fortune Oil is in the process of engaging SRK Consulting to complete the reserve certification for the Hrazdan iron ore mine from Russian standards to international standards (JORC, Joint Ore Reserves Committee) which is expected to be completed in Q3 2011. The JORC certification will assist in obtaining additional capital to further develop the Hrazdan iron ore mine from banks and/or China Volant Industry Company ("Volinco"), a state owned corporation in China which will provide up to US$1 billion of medium term export financing to Fortune Oil over the next three years (as announced on 18 November 2010).



Fortune Oil has identified a number of highly qualified candidates for the role of Armenia Iron Ore Project Manager and will be making an announcement in due course.

In with the Russkies and paid for with their hard earnedthis is exactly what we were told on the 18 November 2010


Powerful Strategy - Global Resources
Fortune Oil will actively pursue overseas investment opportunities to capitalize
on the demand for energy and resources in China. This will enable the Company to
further diversify its revenue base and significantly increase its growth
potential. Specifically, Fortune Oil will focus on high growth commodities such
as oil, gas, coal, iron ore, copper and other metals, in countries which are
close to China and with abundant reserves.

Imo this is still in the early momentum stagerocket boosters soon to be deployed!

Positive news - up to a point. No return until 2014 and of course with mining there's always an f factor possibility.
Still aboard but as my current holding was aquired at something over 5p I've sold enough to get my stake back and I'm on a freebie from here on - although if history repeats there could be a buying opportunity in the coming months.

Missed the report myselfbut a good plug on CNBC from a well respected guy >

Andrew monk of VSA capital has just mentioned FTO as a company with billion pound mkt cap potential.

Very interesting!

http://www.ifrasia.com/loans-fortune-oil-seeks-circa-us$150m-loan/621527.article

The buying looks positive

Moving up a bit,i wonder what they are going to buy next??

RNS Number : 9728A

Fortune Oil PLC

10 February 2011

FORTUNE OIL PLC

("Fortune Oil" or the "Company")

Joint Venture Agreement Supplying LNG to Public Transport

Highlights

-- Supply LNG to up to 6,000 public buses in Liaoning Province exclusively using the LNG stations operated by Fortune Liaoning.

-- First provincial level pilot project approved by the Ministry of China National Transportation with a view to securing an exclusive operating license in Liaoning Province.

-- Strong partnership forged with Liaoning Provincial government with potential to supply LNG to its other public transit vehicles not limited to buses.

-- This investment is in line with China's position (party to the United Nations Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol) to tackle climate change by promoting the use of clean energy.

-- Expanding the application of LNG across China's vast transportation industry: shipping, public buses, automobiles, etc.

FTO.News. New joint venture. Looks good,might move SP back up.Topped up yesterday.

SP back up over 10p seems to be holding OK.

Strategic Alliance to Develop Resources Business

TIDMFTO

RNS Number : 5226B

Fortune Oil PLC

21 February 2011


FORTUNE OIL PLC

("Fortune" or the "Company")

Formation of Strategic Alliance to Develop New Resources Business

Fortune, the London-listed energy and natural resources company with assets in China and overseas, is pleased to announce that it has entered into a Strategic Alliance with seven leading Chinese and International organisations to support its new metals and mining business.

Fortune has signed a memorandum of understanding with Sinosteel Equipment & Engineering Co., Ltd, MCC-20 Group, Sinosteel Engineering Design & Research Institute Co., Ltd Shijiazhuang Design Institute, China Volant Industry Corporation, ProMet Engineers, Bounty Resources Armenia Ltd and SRK Consulting. The members bring a range of engineering services, construction, design, technical study and due diligence skills to the alliance. See below for additional information on each of the Strategic Alliance members.

By taking advantages of competitive capabilities and solid existing industry experience of seven leading Chinese and International organisations the Alliance will provide Fortune with world class technical consulting services and skills at low cost, to take projects from initial development through to construction and operation. It will also enable the Alliance members to take part in bigger projects than would be possible otherwise.

The initial area of possible cooperation for the alliance partners will be the technical evaluation of the potential of the Hrazdan Iron Ore project in Armenia, which is one of three iron ore mines 72% controlled by BRAL. Fortune has a 35% equity interest in BRAL (with an option to increase its equity interest to 50%) and the two companies aim to have the mine and iron ore concentration plant in commercial operation in the first half of 2013.

This agreement progresses Fortune's strategy of pursuing overseas investment opportunities to capitalise on the demand for energy and resources in China. The Company is focusing on resource assets which are in- or near- production; in particular those assets which are under-exploited as a result of lack of finance, expertise or effective relationships.

Mr. Tee Kiam Poon, Chief Executive of Fortune Oil, commented:

"Today's agreement is further evidence of the rapid progress Fortune has made towards creating a new resources business. This alliance of leading Chinese and International companies provides us with the skills and experience we need to ensure we develop a successful and profitable resource business."

Longer-term, the alliance will provide Fortune with an integrated execution model which will be replicated globally as the company develops further resource assets.

FTO to invest $5oomin in Armenias mining industry.What will this do to SP?

They seemj to have confused Fortune with Frontier Oil on the news stuff

They do that from time to time.

Yes. I did (and have before) report this on the Bugs thread.

Some welcome interest this morning...seems significant?

What do you expect from this baby?