Fortune Oil Plc.Big 400 Miollionen US$al mit China

'The company intends to be a long-term shareholder in China Gas so as to benefit from the potential growth in this sector in China over the medium term,' Fortune Oil said.

The deal is part of an asset restructuring at China Gas, sources with knowledge of the deal said on Monday. They declined to be identified as they were not authorised to speak to the media.

Net proceeds from the deal would be used to reduce debt, Fortune Oil said in a statement.

Revenue from Fortune Oil's natural gas business was 59 million pounds (about $95 million) for the year ended Dec. 31, 2011.

Shares in Fortune Oil were trading up 26 percent at 11.35 pence at 0955 GMT on the London Stock Exchange. Trading in China Gas shares were suspended in Hong Kong on Monday.

($1 = 0.6204 British pounds)

(Reporting by Alison Lui in Hong Kong and Shilpa Hinduja in Bangalore, Writing by Brenton Cordeiro,; Editing by Alison Leung, Roshni Menon) Keywords: CHINAGAS FORTUNE/

(Shilpa.Hinduja@thomsonreuters.com)(within UK +44 20 7542 1810, outside UK +91 80 4135 6102)(Reuters Messaging: shilpa.hinduja.thomsonreuters.com@reuters.net)

COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.


Related Shares: Fortune Oil (FTO)

www.lse.co.uk/...rice.asp?shareprice=FTO&share=fortune_oil

Fortune Oil surged as much as 48 percent in London to 13.50 pence, the biggest jump since May 21, 1993, and traded up 21 percent at 11 pence as of 11:10 a.m. local time. China Gas shares were suspended from trading today in Hong Kong.

Higher Bid

Fortune Oil had teamed up with investors including China Gas Founder Liu Minghui to buy China Gas shares at prices higher than the HK$3.50 Sinopec and ENN Energy offered in December 2011.

Fortune Oil and China Gas Group held 18.4 percent of the total issued shares in China Gas, the company said in its third- quarter statement on Nov. 19. It didn’t mention the stake owned by Minghui, who was reinstated as managing director on Aug. 20 after being arrested in December 2010 on suspicion of embezzling company assets.

“Fortune Oil will continue to have access, through its shareholding in China Gas, into the fastest growing natural gas market in the world with an even larger platform,” Fortune Chief Executive Officer Tee Kiam Poo said in the statement. “Together we aim to accelerate China Gas’s share of the China natural gas market.”

Wilmar Stake

Wilmar International Ltd. (WIL), a Singapore-based edible oil refiner and processor, will transfer its 15 percent stake in Fortune’s gas unit to China Gas.

As part of the deal, Fortune Oil can nominate two directors to China Gas, including the managing director, the company said in the statement. The deal is subject to approval by shareholders of both companies and Chinese regulators. Fortune’s board said it would recommend shareholder approve the deal, according to the statement.

The money raised in the sale will be used to pay down Fortune Oil’s debt. BNP Paribas SA and Oriel Securities Ltd. advised Fortune Oil on the deal.

To contact the reporters on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net; Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

www.fortune-oil.com/en_us/index.htm

Da sage Ich nur.Alles Spitze

VSA Capital have put a target price of 28p on Fortunes break-up value. Hmmmmmmmmm should see good movement again today.

Schön, schön... Hört sich alles gut an.

gibt es Umsätze ! langsam wirds interessant !!

Und weiter gehts...

Aktie & Unternehmen

Unternehmen Fortune Oil PLC
Branche Erdöl & Erdgas
Herkunft Vereinigtes Koenigreich
Website www.fortune-oil.com
Aktienanzahl 1,99 Mrd.

Website www.fortune-oil.com

News aus der Wallstreet-Journal

News Auch bei Bloomberg drinne und bei vielen vielen.

*********************


ASIA BUSINESS
December 17, 2012, 6:43 a.m. ET
.
China Gas to Buy Fortune Oil's Gas Assets in China .

Article
Stock Quotes
Comments

more in Asia »

BY YVONNE LEE

China Gas Holdings Ltd. agreed to buy the Chinese gas assets of Fortune Oil PLC for $400 million, part of an effort to tap rising demand for cleaner energy sources.

The deal also helps cement a relationship between China Gas and U.K.-based Fortune, which helped China Gas fend off a takeover bid this year from state oil company China Petroleum & Chemical Corp.

China Gas, which controls pipelines serving more than six million customers in the country, will pay for the transaction using cash and options in its shares, which are listed in Hong Kong.

Quelle: online.wsj.com/article/SB1000...23226716.html#

News aus der Wallstreet-Journal

Quelle: online.wsj.com/article/...887324407504578184922323226716.html#

Danke für die Infos !

a ftse 250 listing , will see pension funds take an intrest and tracker funds $$$$$$$$$$$$$$

for Fortune Oil $$$$

Oel-Mine.%%%%

Strong Buy %%%

The South China Bluesky Aviation Oil Company owns and operates the refuelling infrastructure at 15 airports in south China. These include Zhengzhou, Wuhan, Guilin and the new Guangzhou Baiyun International Airport. Fortune Oil and BP each hold 24.5% of the joint venture and China National Aviation Fuel Company 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.  In 2007 the airport handled 31 million passengers and ranks number three for aviation fuel sales in mainland China.  Bluesky is now supplying jet fuel to the new FedEx Asia hub, opened at the Guangzhou airport in 2009.  The refueling facilities at Bluesky's other airports continue to be expanded to meet the increasing demand for air travel in China.