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Strategic Investment

28 Dec 2011 15:45

RNS Number : 6947U
Fortune Oil PLC
28 December 2011
 



 

 

 

28th December 2011

FORTUNE OIL PLC

("Fortune Oil" or the "Company")

 

Strategic investment

 

Fortune Oil (LSE: FTO.L) focuses on oil, natural gas and resource supply operations and investments, primarily in China. Fortune Oil is listed on the Main Market of the London Stock Exchange.

 

Fortune Oil is pleased to announce the following strategic investment.

 

Fortune Oil plc ("Fortune") has acquired 94,040,000 shares, representing 2.15%, in China Gas Holdings Ltd ("CGH"; 0384.HK), a company listed on the Hong Kong Stock Exchange. The total cost of the purchase was £24.2 million which was financed from the Company's existing cash reserves. This investment is part of a strategic plan for the Company. A further announcement is expected to be made adding further developments in the near future.

 

CGH is the largest independent natural gas company in China in term of city network, serving more than 150 cities. It engages principally in the investment, operation and management of city gas pipeline infrastructure, the distribution of natural gas and LPG to residential, commercial and industrial users, construction and operation of oil stations and gas stations, and development and application of natural gas and LPG related technologies in China. 

 

CHG reported a profit of HK$781.3 million for the financial year ended 31 March 2011 and a profit of HK$443.6 million for the six-month period ended 30 September 2011.

 

 

Background on Fortune Oil

 

Fortune Oil is a leading independent energy company engaged in the investment and operations of oil and natural gas supply projects in China. With over 20 years of operating history in China, Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil recently started an expansion outside China securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.

 

For further details:

 

Fortune Oil PLC

Tee Kiam Poon

Bill Mok

 

Tel: 00 852 2583 3125

Tel: 00 852 2583 3120

 

Pelham Bell Pottinger

Archie Berens / Zoe Sanders

 

Tel: 020 7861 3112/07802 442486

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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30th Oct 20134:35 pmRNSPrice Monitoring Extension
18th Oct 20137:00 amRNSUS$300 million Loan Facility
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9th Oct 20137:00 amRNSHolding(s) in Company
9th Oct 20137:00 amRNSHolding(s) in Company
9th Oct 20137:00 amRNSHolding(s) in Company
9th Oct 20137:00 amRNSHolding(s) in Company
3rd Oct 20138:00 amRNSTotal Voting Rights / Details of Special Dividend
1st Oct 20137:00 amRNSExtension of Long Stop Date
30th Sep 20137:00 amRNSPublication of Prospectus
25th Sep 201312:40 pmRNSResult of General Meeting
19th Sep 20137:00 amRNSPosting of Half Year Report
9th Sep 20137:00 amRNSPosting of Circular and Notice of General Meeting
21st Aug 20137:00 amRNSHalf Yearly Report
12th Aug 20137:00 amRNSRegulatory Approval for FGIH Transaction
7th Aug 201312:16 pmRNSProposed Acquisition and Loan Settlement
27th Jun 20131:35 pmRNSExtension of Final Date for MOFCOM Consent
20th Jun 20135:30 pmRNSLTIP Announcement
18th Jun 20133:10 pmRNSResult of AGM
17th May 20137:01 amRNSInterim Management Statement
15th May 201312:00 pmRNSNotice of Annual General Meeting
14th May 20131:12 pmRNSHolding(s) in Company
25th Apr 20138:38 amRNS2012 Annual Report
25th Apr 20137:00 amRNSFinal Results
15th Apr 20131:47 pmRNSAcquisition of China Gas shares from Fortune Max
25th Mar 20137:00 amRNSNotification of Major Interest in Shares
22nd Mar 20134:40 pmRNSSecond Price Monitoring Extn
22nd Mar 20134:35 pmRNSPrice Monitoring Extension
20th Mar 20137:00 amRNSTransfer of listing category on the Official List
22nd Feb 20132:30 pmRNSAdministrative changes to the Company's LTIP
20th Feb 20134:20 pmRNSDirector/PDMR Shareholding
19th Feb 201312:40 pmRNSResult of General Meeting
12th Feb 20137:00 amRNSRe Proposed Disposal of Natural Gas Business
5th Feb 201311:15 amRNSDirector/PDMR Shareholding
4th Feb 20137:00 amRNSPosting of Circular Re Proposed Disposal
21st Jan 20134:53 pmRNSDirector/PDMR Shareholding
16th Jan 20138:08 amRNSRe Proposed Disposal of Natural Gas Business
17th Dec 20128:17 amRNSProposed US$400m disposal of Natural Gas Business
17th Dec 20127:00 amRNSHolding(s) in Company
19th Nov 20127:00 amRNSInterim Management Statement
12th Oct 201211:30 amRNSIssue of Equity
17th Sep 20124:20 pmRNS2012 Printed Half Year Report
7th Sep 20124:35 pmRNSPrice Monitoring Extension
5th Sep 20127:00 amRNSLiulin Coal Bed Methane Update
23rd Aug 20127:00 amRNSHalf Year Report for the 6 months ended 30 June 12
3rd Aug 201210:31 amRNSPurchase of Additional China Gas Shares
10th Jul 20124:40 pmRNSSecond Price Monitoring Extn
10th Jul 20124:35 pmRNSPrice Monitoring Extension
6th Jul 201211:57 amRNSPurchase of Additional China Gas Shares
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