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Fortune Oil - China Growth (FTO)     

PapalPower - 25 Feb 2006 02:02

homepage_07.gifMain 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


Chart.aspx?Provider=EODIntra&Size=283*18Chart.aspx?Provider=Intra&Code=FTO&Size=big.chart?symb=uk%3Afto&compidx=aaaaa%3A


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 : homepage_prototype__11.gif



99071.jpg

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 homepage_prototype__13.gif


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 homepage_prototype__14.gif


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 Oilhomepage_prototype__15.gif


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.

Ruthbaby - 19 Oct 2012 21:27 - 823 of 1365

Ahoj:
FTO do not own 50% of Fortunemax!!
Fortunemax is a private company owned by Daniel Chieu set up, most probably for the sole purpose of buying shares in CGH.... for CGG.....which is the 50% owned JV.
All interest will be paid by the JV to Fortunemax on release of the shares should they be asked for..This was an agreement solely for the prevention of the recent bid succeeding...
Under the original announced deal FTO were spending around £24million on the initial stake....but we have clearly gone beyond that now. I suspect some of the money came from a borrowing facility put in place 18 months ago and could be drawn down...
My issue is how much is left if any?
FTO is going to be spending quite a bit of money over the next few years with Bluesky expansion plans..Liulin development....Possible Armenia spend
Diesel conversion outlets to name but a few..a new LNG storage plant (which is £20 million alone)..

This draw down facility is probably nearly exhausted now and we have a large minority stake worth over $220 million (which is not liquid now)

And only Bluesky Aviation is really making money in all of this..
These are concerns that the market is very aware of.
Our board gambled a lot of money and at the moment....the market isn't to impressed with the results...

Shortie - 22 Oct 2012 10:55 - 824 of 1365

CMB sales expected to commence early 2013, @ 27,000 cubic meters a day @ $200 per 1,000 cubic meters we're looking at a conservative $164K a month if not more. Bluesky is profitable as you point out, as is Maoming SPM and West Zhuhai Products Terminal. Whilst I agree the balance sheet must be running out of liquidity the company still has sufficient revenue streams to cover its expansion plans.

Ruthbaby - 22 Oct 2012 11:41 - 825 of 1365

CBM sales have slipped each time due date has been announced, so until it happens I will take it with a pinch of salt..ODP has not been submitted yet so pilot scheme does not allow for sales just yet...Dart expect second half of next year....on approval...which may take some time.. Maoring SPM may be shut for some time due to upgrading of main transportation pipe.... West Zhuhai is in decline and has been for some time...

I accept you view...my point is that the expenditure side can not be met by these small profits when compared with the out lays ahead.....

Shortie - 24 Oct 2012 10:28 - 826 of 1365

Afghanistan signed a 25-year contract with National Petroleum Corp (CNPC) last December covering drilling and a planned refinery in the northern provinces of Faryab and Sar-e-Pul. It is the first major oil production in the country.

"The company will extract 1,950 barrels per day, which will crucially help Afghanistan towards self-sustainability and economic independence," mining minister Wahidullah Shahrani told Reuters on Sunday as huge machines started drilling next to mud houses in remote Sar-e-Pul.

The venture with CNPC, which has invested hundreds of millions of dollars, was expected to produce billions of dollars over the next two decades - CNPC will pay a 15 percent royalty on oil, 20 percent corporate tax and give 50-70 percent of its profit from the project to the government.

From January 1, CNPC will extract 1.5 million barrels of oil annually, Shahrani said. Up to 87 million barrels of crude are estimated to be in Amu Darya.

Its inauguration on Sunday should lend confidence to nervous Chinese investors who have halted work on the $3 billion Aynak copper mine project in eastern Logar province, where insurgents trying to wreck the project have stepped up attacks. Afghan officials have been trying to convince the investors to restart.

http://www.zerohedge.com/news/2012-10-21/historic-first-china-begins-oil-extraction-afghanistan

Ruthbaby - 24 Oct 2012 20:22 - 827 of 1365

What????

CWMAM - 25 Oct 2012 15:36 - 828 of 1365

Bit more interesting at present.

Ruthbaby - 25 Oct 2012 21:10 - 829 of 1365

elbow - 05 Oct 2012 09:01 - 785 of 828
I can see this sub 8p

It is beginning to look like a fairly accurate call elbow.
There is an interim due out in November, but not holding my breath on anything to arrest this free fall at the moment.

CWMAM - 01 Nov 2012 09:08 - 830 of 1365

From anothe Board:-
During the quarter, pilot production gas rates at the Liulin CBM project has exceeded 1 MMscf/d. Since
May 2012, gas rates from existing wells have increased on a weekly basis and the best well (H-4)
reached peak production in excess of 400 Mscf/d with two other wells (H-3 and H-6) exceeding 200
Mscf/d.
In addition, Fortune Liulin Gas (FLG), which Dart Energy has a 50% stake in, and the Liulin PSC Joint
Management Committee (comprising of FLG and CUCBM) approved construction of and executed the
contract for the field gas gathering system and nodal station. The field production rates are now being
controlled for stable operations to attain additional reservoir information with the benefit of conserving gas
prior to sales mid next year.
The field gathering system includes 12 kilometres of gathering pipeline, an in-field nodal compression
station and an 8-kilometre export pipeline to CUSCM’s (the buyer) CNG facilities. Construction is
scheduled for completion by mid 2013 enabling delivery of sales gas into the existing GSA.

Does anyone know what is happening to all this gas?
Is it being burnt off? r Board:-

ahoj - 01 Nov 2012 09:44 - 831 of 1365

I am holding my breath, but trying to be positive!!

Ruthbaby - 01 Nov 2012 11:10 - 832 of 1365

I believe this gas gets flared cause no where to store it..
Read recently that there was a big increase in cbm gas produced in the Shaxni region but a lot just gets flared off..
A bit of a waste really....:(

Ruthbaby - 02 Nov 2012 14:19 - 833 of 1365

It is quite a large bit of developing infrastructure that is bee cotracted..
It must be one of the most progressed fields in China now...

CWMAM - 05 Nov 2012 07:45 - 834 of 1365

Whats moving C.G.H. share price?
up 5% at the moment@ HK 4.500.

CWMAM - 05 Nov 2012 07:56 - 835 of 1365

Bullish block trade of CHINA GAS HOLD(00384) 1M shares at $4.6, $4.6M turnover


2012-11-05 11:21:00









[Block Trade] A bullish block trade of 1M shares of CHINA GAS HOLD(00384) occurred at price of HK$4.6 and turnover of HK$4.6M at 11:21a.m . The last price is up 7.728%. Today's highest price is $4.6 and lowest price is $4.27. Total volume is 15.722M shares and total turnover is HK$70.702M.

Ruthbaby - 05 Nov 2012 08:03 - 836 of 1365

Cant find anything at the moment...either market sentiment or some news to be expected soon..
It looks like PI buying..but cant be sure at the moment..

CWMAM - 05 Nov 2012 08:03 - 837 of 1365

Block Trade] A bullish block trade of 1M shares of CHINA GAS HOLD(00384) occurred at price of HK$4.6 and turnover of HK$4.6M at 11:21a.m . The last price is up 7.728%. Today's highest price is $4.6 and lowest price is $4.27. Total volume is 15.722M shares and total turnover is HK$70.702M.

News Provided by AASTOCKS

CWMAM - 05 Nov 2012 08:18 - 838 of 1365

China Gas Holdings S.P. CLOSED @hk 4.53 up over 6% nice little move,very decent
capital gain on large holdings.

Ruthbaby - 05 Nov 2012 08:24 - 839 of 1365

Conservatively I put it at over £13 million at the moment..

CWMAM - 05 Nov 2012 08:36 - 840 of 1365

CHINA GAS HOLDINGS: The share price has risen over 7.35% over past 3 days,something is going on again ?, you would expect the sp to be going sideways or down after recent events.

Ruthbaby - 05 Nov 2012 08:45 - 841 of 1365

It is very exposed to a very strong growth sector...the bid hit a high pre the bid and Minghiu debacle at about HK$4.90 2 years ago...
It has now broken through a stubborn top of HK$3.50 and looks to be heading back to its pre bid high...
All looking good for our JV......plus possibly deals in the making ahead...

CWMAM - 05 Nov 2012 09:41 - 842 of 1365

Lots of positives going on,we could do with clear concise update,then move on.
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