Oil & Gas: Nigeria’s Forte Oil to raise up to $503 mln to fund expansion

By Oludare Mayowa
Posted on Thursday, 31 March 2016 09:48

The company may raise the funds through a rights issue, bond or share offering, or global depository receipts, according to a statement issued on Thursday.

“The capital raising is part of our preparations to take advantage of opportunities in the economy,” said Akinleye Olagbende, Forte Oil’s chief compliance officer.

Olagbende said the company could explore opportunities in the upstream sector of the oil industry and tap into other viable businesses to bolster its bottom line. In January, Forte Oil reported a profit before tax of 7.02 billion naira for its 2015 financial year compared with 6.01 billion naira the previous year.

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