Forte Oil plc shares trading closed for Q4 report

Forte Oil plc shares trading closed for Q4 report

Pursuant to the post-listing requirements of the Nigerian Stock Exchange (The Exchange) for quoted companies, Forte Oil Plc hereby informs the Exchange of its Board of Directors Meeting scheduled to hold on Wednesday, March 29, 2017.

In compliance with Section 17.2 of the amended listing rules, we also notify the Exchange that the closed period of trading in the Company’s securities commenced from Tuesday, March 14, 2017.

Company information

Forte Oil PLC is an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain. The downstream division specializes in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

Forte Oil PLC (formerly African Petroleum) was incorporated on December 11, 1964. After 14 years in operation, the company changed its status from a private limited liability company to a public liability company. In compliance with the provisions of the Nigerian Enterprises Promotion Decree of 1977, 40% of the company’s shares were sold to Nigerians and a year later, 60% was acquired by the Federal Government of Nigeria in favour of the Nigerian National Petroleum Corporation (NNPC) from British Petroleum.