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?

any news about Bluesky?

no news is a good news i believe

Let's hope the Bluesky deal is coming up soon...Basharat.

Extract from the Independent today.


FTSE All-Change
By Stephen Foley
23 August 2004


The fund managers backing MOS have taken heart from the performance of the bigger oil industry services company Sondex, which makes drilling tools and software and whose shares have jumped 50 per cent this year. As a result, Sondex is a leading contender to win a place back in the FTSE All-Share index when it is reshuffled next month. Because many tracker funds use the All-Share, and many more benchmark performance against that index, there is often a burst of buying interest in new entrants. Also on the list to make an entrance are the nuclear generator British Energy and Fortune Oil, which is making oil and gas investments in China.

Any bets on FTO having a RNS before September? Was hoping the price was going to break out of the 7p mark this week but it looks like we will have to wait for more news.

I personally think we'll do well to stay in the 6 - 6.5p range whilst waiting for this deal to be closed.
It tends to drift down quite a lot, what did we get down to recently 5p ? That's a ruddy large drift.

Cheeks

I agree , I think Bluesky is a holding factor.However some news on there progress into their China supply lines would be very welcome.We certainly know there is plenty of demand for increased energy supply in China

hi all. its been a while. and still no news. starting to get impatient. i know its taking place in china and that things are different , but , i am never happy when people say one thing and then it doesnt happen. this is dragging out far too long.anybody have any idea of what the delay is as

shioyong - 12 Aug'04 - 23:11 - 58 of 68


From the half year results statetment of CAO

CAO's agreement with Fortune Oil Plc to acquire its interests in South China Bluesky Aviation Oil Company ("Bluesky") and Fortune Aviation Holding Ltd awaits approval by China's State Council, buyer and seller having completed all transaction details. It is expected the contribution from this 24.5% stake in Bluesky will begin shortly.

this was posted nearly a month ago .if all transaction details have been completed , whats the hold up?????

I share your frustration, and believe this is now holding the share price back

looking for a rns soon i see regular 500000 tho trades been going thr ,if its 1 person they have purchased/sold approx 5 mill

i think next news of any significance is going to be announced with results ,due end of this month

basharat. is that for certain? end of the month for results?

i believe its next week, check it on hemscot

This could be "interesting".Like the company but this Bluesky thing still hangs over the share price

6.5p today

this was posted by pixel on the iii bb

pixel8tor 22sept04 12:02

Hi,

I have had a response from FTO re: date for interims and progression of Blusesky.


28 September 2004.

The Company is still awaiting the approval from the State-Owned Assets Supervision and Administration Commission of China.

Pixel8

slmchow-interims 28/09/2004-where did you get date from? not in forward diary!

anyone know when results are out?

FORTUNE OIL PROFIT UP 29%

LONDON (AFX) - Fortune Oil PLC, which invests in oil and gas infrastructure projects and oil trading activities in China, said its interim pretax profit jumped 29 pct as all group operations achieved profitability.

Pretax profit in the six months to end June 2004 surged to 3.1 mln stg, or 0.08 pence a share, from 2.4 mln stg, or 0.04 pence a share, in the year-earlier period.

'This has been one of the most successful trading periods in Fortune Oil's history,' said executive vice chairman Bruce McGowan.

There was increased profitability in almost all the group's operations, including a return to profit by its Zhanjiang Fu Duo LPG joint venture.

'We are benefiting from the rapid development of the Chinese economy and the consequent growth in demand for energy,' said McGowan.

First-half sales jumped 28 pct to 58.5 mln stg despite a 14 pct decline in the US dollar against the pound during the year. Volume throughputs increased for most of its operations, reflecting the increasing demand for oil and gas in China.

'We will continue to focus on developing our natural gas business but we also expect other opportunities to arise in the oil sector as China's markets gradually open up,' said McGowan.

In early 2004, the company accepted an offer to sell its 24.5 pct interest in Bluesky to China Aviation Oil (Singapore) Corp Ltd (CAO). While the approval process has taken longer than expected, the company said it is satisfied that it has sufficient available funding, or access to funding, for its planned and new investment programme.

newsdesk@afxnews.com

very good results , even without the blue sky disposal . might even be a long term hold this one!!!