Nigeria’s Forte Oil divests from all subsidiaries

Forte

Nigeria’s indigenous oil and power company, Forte Oil Plc said it is divesting from all of its subsidiaries across power, oil and gas.

The companies to be sold off includes Amperion Power Distribution Company Limited, its wholly-owned subsidiary, Forte Upstream Services Limited and AP Oil and Gas Ghana Limited.

Forte Oil said in a statement that it has entered into an agreement to divest from Amperion Power Distribution via a Share Sale and Purchase Agreement with Calvados Global Services Limited.

The company said it is selling Forte Upstream Services Limited via a Share Sale and Purchase Agreement with Gbonka Oil and Gas Limited.

The Amperion Divestment and the Forte Upstream Divestment are subject to the fulfillment of relevant conditions as specified in the respective Share Sale and Purchase Agreements including obtaining relevant contractual and regulatory approvals; and

Forte also announced the divestment from and sale of its shares in AP Oil and Gas Ghana Limited to Cobalt International Services (Ghana) Limited.

It would be recalled that Forte Oil had announced that its principal owner, was divesting and selling off its stakes from the business.