Why Forte oil suspended its shares sale


Forte Oil said it will be suspending its planned shares sale by way of accelerated bookbuild.

The company said in a statement that:

“Forte Oil has taken a strategic decision to put the Offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximizing the emerging opportunities in the Nigerian energy sector which will be to the ultimate benefit of all our stakeholders”.

No date has been given on when the bookbuild would take place.