Forte Oil Plans to Raise $62m in Capital to Boost Operations
Forte Oil Plc, plans to raise N20 billion ($62million) as equity from the Nigerian Stock Exchange (NSE) to support its diversification processes, according to Julius Omodayo-Owotuga, the company’s Executive Director and Group Chief Financial Officer.
He said: “We have commenced preparation to raise additional capital as we see opportunities; we continue to explore them and raise money in tranches. Our last fund raising was very successful. We raised N9 billion by way of corporate bond. This series provided us with the necessary liquidity to actualize our growth strategies and positioned the company for the years ahead.”
Omodayo-Owotuga said talks have been ongoing between the company, the Securities and Exchange Commission (SEC) and the NSE concerning the exercise.
The indigenous oil company in 2016, raised N9billion ($28million) as the initial capital out of the N100 billion ($312million) approved by the shareholders, to boost its operations.
Forte Oil is a Nigeria-based energy group with extended operations in Ghana. It operates majorly in the downstream sector of the country’s oil and gas industry, but has diversified its businesses into other sectors of the energy value chain.