Forte oil names new investor in upstream assets, power Distribution Company

Following approval by shareholders of Forte Oil at the last extraordinary general meeting held in February, Forte Oil Plc has notified the Nigerian Stock Exchange (NSE) that it has entered into a share sale and purchase agreement with Calvados Global Services Limited in line with its divestment plan and sale of its shares in Amperion Power Distribution Company Limited as the Board of the company has also approved a special dividend of N1.15 per share from the proceeds of the divestments of the subsidiaries of the company to its shareholders.

According to Forte Oil, it has equally concluded the divestment from the sale of its shares in AP Oil and Gas Ghana Limited to Cobalt International Services Ghana Limited while noting that it has also entered into a share sale and purchase agreement with Gbonka Oil and Gas Limited in relation to its divestment from and sale of shares in Forte Upstream Services limited.

On December 24, 2018, Forte Oil notified all its stakeholders through the Nigerian Stock Exchange that its majority shareholder, Femi Otedola, reached an agreement with Prudent Energy team to divest of his full 75 percent direct and indirect shareholding in the company’s downstream business. According to the notice, Otedola took that decision to explore and maximize business opportunities in refining and petrochemicals business.

Forte Oil plc said the decision to divest from upstream services and power-generating businesses will boost its distributable earnings for the benefit of shareholders. Forte Oil plc had in December last year notified NSE and the investing public that Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximize business opportunities in refining and petrochemicals.