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?

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!!!

There's plenty of comment on the ADVFN fto thread.

More to come in this one with further press comment on assessment of results and blue sky disposal.Sitting on a good profit but not selling.

gardyne,

I agree, I'm holding, results are good, potential for more to come, and I think FTO will produce a decent profit in time.

I thought their longer term ambitions as suppliers of gas to the rapidly expanding Chana market was very interesting. It good to see it move in the right direction, as it starts to build a nice comfort zone into the share price above my original buy price

Nice comfort zone so dont sell

solid blue on the screen poor guy bought 162000 at 8.25p and 8 buy transactions later someoune bought 10000 at 7.88p!!!! God I would be pissed off if i was that guy!
It really makes you feel that they are out to lunch! Or perhaps they should have stayed at lunch