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.

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?

Ahoj...I cant find any rhyme or reason...it might be getting ramped on another bb...trading up until nine this morning suggested likely news...slowed a little now.... who knows?

28 March 2011

FORTUNE OIL PLC

("Fortune Oil" or the "Company")

Expansion of gas supply in Liaoning Province

Highlights

-- Acquiring 51% of spur pipeline serving ceramics industrial park for RMB10.55 million (GBP1 million)

-- 30 year pipeline concession

-- Ceramics requires large energy input with natural gas consumption expected to reach 200 million cubic metres per annum

-- Strong partnership forged with Liaoning Provincial government which will lead to other concessions being granted to supply natural gas

Transaction Summary

Fortune Oil, a company listed on the London Stock Exchange Main Market focusing on oil, natural gas and resource supply operations and investments in China, is pleased to announce that it has contracted to acquire 51% of Liaoning Jingrun Natural Gas Limited ("LJNGL") for an initial cash consideration of RMB10.55 million (GBP1 million). LJNGL has been granted a 30 year concession to build and operate a spur pipeline supplying natural gas to serve the ceramics industrial park located in the county of Jianping, Liaoning Province. The Company expects the branch pipeline to be completed in 2012 and supply up to 200 million cubic meters of natural gas per annum (expected to reach full capacity in 2013). The Company has secured contracts for the supply of up to 200 million cubic meters of natural gas with China National Petroleum Corporation ("CNPC"). Additional funding required by LJNGL will be obtained via local banks or from Fortune Oil through shareholder loan(s).

The acquisition, which is subject to local authority registration and approval, expands the Company's natural gas operations in Liaoning Province. Specifically, on 10 February 2011, the Company announced that it had entered into a joint venture agreement to supply LNG to up to 6,000 public transit buses in Liaoning Province exclusively using the LNG stations operated by Fortune Liaoning. LJNGL will be renamed Liaoning Jianping Fortune Gas Co. Ltd. following completion of the acquisition.

In addition to the initial consideration a further payment may be made by Fortune if over the five years following the completion of the acquisition it receives per annum dividends exceeding 20% of the initial payment. The payment will be the excess over the 20% subject to a maximum of RMB 7 million (GBP662,000).

Mr. Qian Benyuan, Chairman of Fortune Oil, commented:

"We are delighted to add to our portfolio of natural gas businesses in Liaoning Province through this 51% acquisition of the spur pipeline to supply the ceramics industry. This is a long term concession that will secure customers with natural gas and reduce the use of more polluting energy sources."

Cannot decide where to go from here, despite the news.
http://www.moneyam.com/action/news/showArticle?id=4125181&epic=RNS_4125107

I am removing ALL my research from here due to the constant personal abuse, defamation and distortions of it posted by:

ptholden

hlyeo98

halifax

blackdown

kimoldfield

cynic


This bunch of abusive retards is the reason MoneyAM will NEVER have a forum worth reading.

I have reported them to support by they do nothing, either because they want to force me to PAY them for the Traders Room or because they are too lazy to do anything. Maybe the people in support are the ones perpetrating the abuse, so as to force people to pay for the premium boards. Either way the service is sh1te and a disgrace to the finance industry. No wonder there is nobody left here apart from morons.

I will continue posting my good research on boards that are run in accordance with FSA and LSE listing rules and the interests of the market, not here where ar5eh0les rule the boards and all decent research is buried under their piles of sh1te.

resilient so far. I expect a jump any day soon.

TopAnalyst,
Can't recall ever reading any posts by you on this thread - however being labelled a moron by you is not appreciated.

Very nice.very very nice! Whooooosh!

Annual Financial Report Announcement
Share this article
TIDMFTO

RNS Number : 5947F

Fortune Oil PLC

28 April 2011

28 APRIL 2011

FORTUNE OIL PLC

("Fortune Oil", "the Company" or "the Group")

Annual Financial Report Announcement - Record Profits and Maiden Dividend

Fortune Oil (LSE: FTO.L) is a company focusing on oil, natural gas and resource supply operations and investments primarily in China. Fortune Oil has a Premium Listing, is quoted on the main market of the London Stock Exchange and has its headquarters in Hong Kong. Fortune Oil today reports its results for the financial year ending 31 December 2010.

FINANCIAL HIGHLIGHTS

-- Revenues including share of jointly controlled entities increased by 40% to GBP567 million (2009: GBP404 million).

-- Operating profit increased by 28% to GBP24.6 million (2009: GBP19.3 million).

-- Profit attributable to equity shareholders up 48% to GBP13.1 million (2009: GBP8.8 million).

-- Earnings per share of 0.69 pence (2009: 0.47 pence) representing an increase of 46%.

-- Maiden dividend payment of 0.13 pence per share to be paid out on 24 June 2011.

-- Gas distribution operating profit increased by 23% to GBP10.8 million (2009: GBP8.8 million).

-- Fortune Oil's share in Bluesky's net profit more than doubled to GBP8.8 million (2009: GBP4.2 million).

-- Net cash position at 31 December 2010 strong at GBP28.9 million (2009: GBP7.2 million). New loan facility of US$180 million (GBP112 million) signed on 1 April 2011.

OPERATIONAL HIGHLIGHTS

-- Fortune Oil achieved record profits across all key business segments.

-- Gas sales increased by 21% to 581 million cubic metres (2009: 482 million).

-- Bluesky sales volumes increased by 10% to 2.3 million tonnes (2009: 2.1 million tonnes) due to escalation in domestic travel demand.

-- Post year end, obtained approval from experts, including government officials, to deploy the LNG dual fuel technology to convert ship diesel engines to LNG and develop a network of LNG refuelling stations along the Yangtze River.

-- Post year end, exclusive agreement to supply natural gas to public transit buses in Liaoning Province and to a ceramics industrial park in Jianping County, Liaoning Province.

-- First gas sales agreement signed forLiulin coal bed methane (CBM) block commencing on 1 July 2011.

OUTLOOK

-- The Chinese Government's 12th Five Year Plan supportsFortune Oil's strategy:

-- Expansion of the natural gas market targeted to increase from 3.7% in 2009 to 8% by 2015.

-- 45 new airports to be built, creating a total of 220 with the aim of reducing congestion and facilitating more domestic air travel

-- Supplying LNG to public transit buses, industrial parks and Yangtze River ships in line with The Five Year Plan, creating LNG roll-out opportunities.

-- The Liulin CBM Overall Development Plan application to the National Development and Reform Commission on schedule.

-- Acquisition of 35% stake (with an option to increase to 50%) in Armenian iron ore mines announced and strategic alliance formed with seven leading Chinese and international partners.

Mr. Qian Benyuan, Chairman of Fortune Oil, commented:

"It has been a record year for Fortune Oil with stronger performance across all key performance indicators. Within the energy division natural gas remains the growth engine of the business as we seek to produce and supply natural gas as a reliable source of affordable, clean and safe energy for the growing demand in China. Our new Resources division is an exciting new venture for Fortune Oil as we focus on territories in close proximity to China to acquire resource assets and work with strategic partners to develop these.

"We are delighted to be able to declare a dividend, for the first time in the Company's history. This not only reflects a strong performance, but also demonstrates our confidence in our prospects for further growth."

Indeed. I've rarely read such an upbeat Annual Report :-)

20p next year!

Climbed aboard once again this morning....superb update....sounds about right, ahoj.....

some action!

It has not moved since the update!
I was expecting to pass 15p by end May.

Oil & Gas Sector: Fortune Oil shares rise after amending an option agreement
StockMarketWire.com
Fortune Oil saw its shares rise after it announced it had increased its investment in Armenian iron ore mines.

In January, Fortune (LON:FTO) took a 35% equity interest in Bounty Resource Armenia, a company which controls three iron ore mines in Armenia, for $24m with an option to increase this holding to 50% for an additional investment of $16m.

Fortune says it has successfully amended the option agreement to allow it to increase its equity interest from 35% to 65% for the same original consideration of $16m.

Prior to exercising the option, Fortune Oil's effective equity interest in the three Armenian mines is 33% which after option exercise increases to 51%.

The option exercise consideration of $16 million will be financed from the company's existing cash reserves.

Egdon Resources (LON:EDR) was also up after reaching an agreement over three petroleum exploration and production licences - 180, 181 and 182 - and has assumed operatorship of PEDL180.

Egdon said it had reached agreement with Europa Oil and Gas and Celtique Energie Petroleum to equalise working interests across contiguous PEDL 180 and 182 in the East Midlands.

Egdon is the current operator of PEDL182 and will assume operatorship of PEDL180.

On conclusion of the transaction, which is subject to approval from the Department of Energy and Climate Change, Egdon will hold a 33.33% interest in both licences reducing from its current 50%.

A joint 3D seismic survey is planned for later in 2011 to firm up drilling locations for the licences.

It is hoped to drill during 2012 as part of a planned multi-well drilling programme in the East Midlands.

Egdon has also reached agreement with Celtique whereby Celtique will acquire a 25% interest in PEDL181 from Egdon, again subject to approval by DECC.

Following completion, Egdon will hold a 25% interest.

Europa is the operator of PEDL181 with a 50% interest.

Egdon's interests in PEDL180 and 181 were acquired from Valhalla Oil and Gas earlier this year.

The licences are covered by an 'area of mutual interest' agreement between Egdon and Celtique.

Celtique will assume 50% of the consideration to Valhalla.

This will comprise the payment of a 10% net profit interest on each 25% interest in PEDL180 and PEDL181 assigned to it by Egdon (2.5% net).

The NPI is payable from revenues after recovery of pro-rata exploration, development and production costs.

Elsewhere in the East Midlands, Egdon reports the successful completion of a 13 kilometre 2D seismic programme over the Burton on the Wolds prospect in PEDL201 where Egdon holds a 50% operated interest.

The Burton on the Wolds prospect is located on the southern margin of the Widmerpool Basin to the south-east of the Rempstone oil field and is a four-way dip-closed prospect associated with an underlying seismic anomaly.

Indicative prospective resources are estimated by Egdon at around 1.5 million barrels.

Empyrean Energy (LON:EME) saw its shares fall by over 5% after it issued an update on the Sugarloaf project in Texas - including production data from the Buehring No.1H well.

The company - which has a 3% working interest - said 60-day production averaged 645 barrels of oil equivalent per day.

It also said that the PMT #1H well commenced production on 10 May.

Empyrean will provide a production update when this well has achieved 30 days of production.

The fracture stimulation of the Davenport #1H well is now complete, the isolation plugs will shortly be drilled out, production tubing run and then the well will be unloaded and flowed to sales.

The Best Huth #1H well reached a Total Depth of 16,159ft on May 19th 2011. The fracture stimulation of this well is presently underway and once complete it will be unloaded and flowed to sales.

The fracture stimulation of Jordan #1H well is complete and it will shortly be unloaded to sales.

The Best Fenner #1H well has been drilled and reached a total depth of 18,020 ft on the 27 April.

This well has been successfully cased and will be fracture stimulated in due course.

someone is adding quietly. no move yet!

yep

Still very quiet.!
They have been investing in various companies over the last few years.