Forte Oil enters into share sale and purchase agreement with Calvados

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The management of Forte Oil Plc has notified the authorities of 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 Amperion divestment. According to Forte Oil, this step was taken towards the divestment from and sale of its shares in Amperion Power Distribution Company Limited.

In addition, Forte Oil has equally 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.

“ That the Amperion Divestment and the Forte Upstream Divestment are subject to the fulfilment of relevant conditions as specified in the respective share sale and purchase agreement including obtaining relevant contractual and regulatory approval, and that the company has concluded the divestment from the sale of its shares in AP Oil and Gas Ghana Limited to Cobalt International Services Ghana Limited”, a notice signed by Akinleye Olagbende, Forte Oil’s general counsel ,stated.

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.

 

TELIAT SULE

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