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 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.

Here is the RNS.
==================

Fortune Oil PLC
12 October 2004

12 OCTOBER 2004

FORTUNE OIL PLC
('Fortune Oil')

SUPPLY OF LIQUEFIED NATURAL GAS TO QUFU

Fortune Oil is pleased to announce that one of its subsidiary companies,
Qufu Fuhua Gas, recently started supplying Liquefied Natural Gas ('LNG') to the
historic city of Qufu, Shandong Province. As a result, the city gas network is
now distributing natural gas instead of LPG to the city's residents. The LNG is
delivered by road tanker to the city from a gas liquefaction plant at Sinopec's
Zhongyuan Oil Field, Henan Province.

Fortune Oil's Executive Vice Chairman, Bruce McGowan, commented:

'We believe this is the first time that a foreign controlled company has
supplied LNG to a city in China. LNG is an ideal means of supplying clean fuel
to China's cities while a pipeline infrastructure is still under construction.
We now expect Qufu's consumption of piped gas to grow rapidly as more
connections are made.

'In June this year we established our city gas joint venture with Qufu Gas
Company and we made a commitment to provide natural gas to the city. We are
very pleased that, within only four months, we have designed and installed LNG
receiving equipment and have converted the city from LPG to natural gas.'

ENQUIRIES:

Fortune Oil PLC Tel: 020 7589 2233 (UK)
Bruce McGowan - Executive Vice Chairman Tel: 00 852 2583 3113 (Hong Kong)
John Pexton - Deputy Chief Executive

ICIS Limited Tel: 020 7651 8688
Archie Berens or 07802 442 486




This information is provided by RNS
The company news service from the London Stock Exchange

this is one of only a few stocks i hold that have been a good buy ,dont khow when to take the profit???????????????????????? brought at 1.75 .

If you are in any doubt then sell enough of your holding to give yu say a 100% profit and run the rest

without using a calculator I would guess you could sell about 25% to get back double the outlay

what is the downside to that

If they continue upwards you will still have a large % of your original 'punt' and so what if you miss out on any further gains on only 25%

of course if want to be onboard for the ride then stay with it

good luck

whats going on with the bluesky sale and also the price?????

Recommended by Shares Magazine - 21/10/2004

Opportunities continue to flood Fortune's way as the Chinese market opens up. It also mentioned about the increased sales due to energy boom in China.

Fortune oil soon to reach 10p

10p cannot come soon enough!

It has risen today - 7.625p

CAO had 0 share trading on the 20th October (were they suspended ?) and an announcement of 15% share placing on the 21st. If you remember the Bluesky sale announcement, it said that completion would take place 7 business days after the final condition was fulfilled.
A theory that is being thought at the moment (see the advfn thread) is that the some of the extra shares in CAO that were placed could have been for FTO (who are getting 37million as part of the Bluesky sale). If that is the case, then 7 business days from the announcement of the placing of these shares, is tomorrow.

Therefore, will there be an RNS tomorrow regarding the completion of the Bluesky sale ?

Any thoughts here ?

Regards & good fortune.

Cliffs