Fortune Oil Gas Sales Drop 22 Percent (China)

Fortune Oil announced its Interim Management Statement for the period 30 June 2011 to date. 

Highlights

– New natural gas supply connections increased by 52% to 11,427 in the third quarter. (Q3 2010: 7,537).

– Natural Gas Sales volumes decreased 24% to 108 million cubic meters in the third quarter (Q3 2010: 142.6 million cubic meters) due to divestments made in October 2010.

– Underlying gas sales volumes for the year to date, excluding the impact of the divestments, increased 10% year on year to 344 million cubic meters.

– Drilling of three vertical wells completed at the CBM Liulin Block with test production beginning in Q4 2011. Gas gathering network and processing design completed and construction contractor selected. On track for first gas sales in 2012.

– Bluesky jet fuel sales revenue up 57% (vs. Q3 2010). Sales volumes in Q3 2011 increased 17% to 671,700 tonnes with total jet fuel sales of 1.89 million tonnes for the year to date, an increase of 13% compared to the same period in 2010.

– Maoming SPM volume up 3% and West Zhuhai throughput volume down 15%, respectively for the year to date (vs. 2010).

– Armenia Iron Ore project progressing as planned, with JORC resource certification expected in early 2012.

“Overall business performance is in line with expectations. The Board remains optimistic with regard to Fortune Oil’s prospects in view of the current economic backdrop, the Company’s financial strength and market potential.”, Fortune Oil said in a statement today.

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LNG World News Staff, November 18, 2011; Image: Fortune Oil