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?

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

Offer 7.75 Bid 7.55 through Comdirect just now on 10000. Just going to lunch.
If I make it a long one will it be cheaper later ?????

willfagg, the poor guy won't be poor for too long, soon FTO will shoot beyond the price he bought...

FTO still looking good, 8p on the way i think

Sadly the chart is looking a tad negative, we may have to wait a little longer for 8p IMHO.

announcement of gas supply more good news

This is the sought of stuff we were loking for!They have so much going for them , the Bluesky thing should not really be an issue. Its like the cloud that has hung over them has been lifted and perhaps their real value will be noticed

LONDON (AFX) - Modest early progress was seen in Fortune Oil after the company disclosed it has started supplying liquefied natural gas to the city of Qufu in China's Shandong province.
As a result, the city's gas network is now distributing natural gas instead of LPG to the city's residents, it said.

The LNG is delivered by road tanker to the city from a gas liquefaction plant at Sinopec's Zhongyuan oil field at the Henan province.

Fortune Oil shares were 0.50 up at 7.75 pence by 7.37 am.

You imagine: If they have 100,000 houses using LNG and lets say they use $200 per year that is $20,000,000 revenue, 50% for FTO (joint deal) say $10,000,000 per year revenue for FTO. If this leaves 50% profit, we have $5,000,000 profit for FTO...FTO Pretax interim profit the last 6 months was - 3.13 mln stg......this development can potentially give us another 3m profit for the year....work out for yourselves the effect on sp.