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.

Thank you.
They hold big chunk of China Gas Holding and increasing to wards 25%, which is very strategic company in China.

Thats right..
That bid is coming to a climax soon as well.
It makes for an exciting time in Fortune oil...:)

Heavy trading on Friday (relatively)
Over 6 million shares traded and many in the last hour.
The Liulin cbm announcement on Thursday marks the end of the exploration.It now turns its attention to production and development stage.
This asset until Thursday was carried with little value on FTO books (purely exploration license) It is now producing saleable gas for contract, which means it can now get 2P certification for asset.
Initially sales attributable to FTO yearly will be £2.5 million....but expect that to rocket as the dewatering process continues and more wells are targeted.
Also head well gas prices are set to rise as China makes exploration more attractive to companies.

Agm today.
sp back in to double digits..@ 10p
It has now run up 25% in the last 4 days on the back of good all round news....

The move justifies the previous moves to 14p. I thick 17p is a reasonable target.

China Gas Holding rose 0.1 to 3.8 in Hong Kong. Not bad.

China Gas Holding's results tomorrow.
Expect good growth and increased dividend, also news on current bid...

There will not be anyews about current bid as such information could be withheld. BUt t the results is going to be good and assets revised substantially upward.

CGHs will say something on the current situation regarding the bid..:)

bid extended....again.
SP falling back now...could be heading back below 9p at this rate4....

yep think so could do with some more positive news

This was posted on another board. WHAT WILL CHINA'S SHALE FUTURE LOOK LIKE? The outlines of the brawl are already visible. So far, auction organizers say that between 30 and 200 companies have registered to bid. But they have indicated that none of the three majors -- CNOOC, PetroChina and Sinopec -- has yet registered. If that is true, then reform faction leaders may have arrived at a quiet arrangement allowing the national oil companies to keep their existing shale gas fields. As evidence, Petro-China has targeted production of 1 billion cubic meters per year of shale gas by 2015, while Sinopec is looking to produce 1 to 2 billion cubic meters, which in combination is about half of China's national shale gas production target for the year. Beijing's reformists are likely to use the rest of the resources to buy the loyalty of key Party leaders in politically strategic provinces and enterprises. As for the private companies, it is not clear how they will make out. If the reported figures are accurate, then only about 1 percent of the registered bidders are private, and the winners are likely to be those with strong political connections. Companies to watch: Fortune Oil and Kunlun Energy, both of which are backed by have large state-owned shareholders (in the case of Kunlun, the champion is PetroChina). http://oilandglory.foreignpolicy.com

I am surprised this stayed above 9p today!!
It did trade below for a while but came back up.
It normally falls further then the indexes and rises less when they rise..:)

Smashing News release all on target :-)

China Gas Holding passed $4 mark in Hong Kong today. The chart looks great.

FTO is sitting on a pile of cash and has been buying CGH shares over the last 18 months.

yep very strong nice little bundle

Moving up,made good profit last year,recently bought back in.

SP is reluctant to go below 9p for now, even with indexes not moving forward..
Positive RNS alright...:)

Still hovering

ANNOUNCEMENT CHINA GAS
The Company wishes to refer to its announcements dated 24 December 2010, 4 January 2011, 31
January 2011 and 14 November 2011 (the “Announcements”) regarding the status of Mr. Liu
Ming Hui, a former managing and executive director of the Company, and Mr. Huang Yong, a
former executive president of the Company. Unless the context requires otherwise, terms used in
this announcement shall have the same meanings as defined in the Announcements.
As mentioned in the Announcements, Mr. Liu and Mr. Huang were under investigation by the
Shenzhen PSB for suspected “embezzlement of the assets of an organisation in which they have
duties”.
The Company has been informed that the People’s Procuratorate of Futian District, Shenzhen
issued determination letters of non-prosecution on 23 July 2012 stating that as the facts relating
to the alleged embezzlement of the assets of the Company or its subsidiaries in relation to a
project in Xiaogan City were unclear, evidence was insufficient and the conditions to prosecution
have not been met, it has decided not to prosecute either Mr. Liu or Mr. Huang in relation to
such alleged offence.
By order of the Board of
CHINA GAS HOLDINGS LIMITED
LEUNG Wing Cheong, Eric
Joint Managing Director
Hong Kong, 25 July 2012

Oil & Gas News


.

Dart Energy Limited announces Liulin compressed natural gas facility completed

Thursday, Jul 26, 2012

International gas and energy group Dart Energy Limited (ASX: DTE, “Dart”), with operating partner Fortune Oil PLC (Fortune Oil), have been advised that construction of the independently owned compressed natural gas (CNG) facility at Liulin, China has been completed and is now awaiting final approval. This station will compress natural gas collected from the Liulin Coal Bed Methane (CBM, or CSG) block for onward distribution, and provides a means of monetising early pilot gas production at Liulin.

Additionally, approval has been received from the Ministry of Commerce (MOFCOM) for the extension of the exploration period of the Production Sharing Contract for the Liulin CBM block for a further two years to 29 March 2014. This allows time for pilot gas appraisal and commercialisation ahead of the full Overall Development Plan approval.

Dart Energy International CEO John McGoldrick said: “Another key project in our portfolio is moving steadily towards first revenue and cashflow. Our clear focus is on a small number of projects that all have the potential to deliver production, revenue and cash-flow over the next 12 months.”

“We welcome the extension of the exploration period and the continuing support of China United Coal Bed Methane (CUCBM) and MOFCOM for our pilot development program which will enable us to complete the assessment of all the seams and the remaining areas of the block. We continue to see commercial gas flows from our horizontal wells at Liulin, and we remain committed to the development of Liulin and to achieving commercial production.”

Source: Dart Energy