Latest news on forte oil plc

Forte Oil Plc is a Nigerian oil and gas company that was listed on the Nigerian Stock Exchange (NSE) in 1978. Here are some of the latest news updates on Forte Oil Plc:

  1. Merger with Vitol Group: In 2020, Forte Oil Plc announced that it had entered into a merger agreement with Vitol Group, a global energy and commodities company. The merger was aimed at creating a stronger and more competitive player in the Nigerian oil and gas industry. The deal was expected to be completed in the second half of 2020, but it has been delayed due to regulatory and other issues.
  2. Financial Results: In 2020, Forte Oil Plc released its financial results for the year ended December 31, 2019. The company reported a net loss of NGN 14.4 billion (approximately USD 37 million) compared to a net profit of NGN 12.4 billion (approximately USD 32 million) in 2018. The company attributed the loss to the impact of the COVID-19 pandemic on its operations and the decline in global oil prices.
  3. Debt Restructuring: In 2020, Forte Oil Plc announced that it had reached an agreement with its lenders to restructure its debt. The company had been struggling to meet its debt obligations due to the decline in its revenue and the impact of the COVID-19 pandemic. The debt restructuring deal was aimed at reducing the company's debt burden and improving its financial position.
  4. Asset Sale: In 2020, Forte Oil Plc announced that it had agreed to sell some of its assets to Vitol Group as part of the merger agreement. The assets included a 20% stake in the Nigerian Liquefied Natural Gas (NLNG) plant and a 10% stake in the Nigerian Petroleum Development Company (NPDC).
  5. New Management: In 2020, Forte Oil Plc announced that it had appointed a new management team, led by a new Managing Director, Mr. Akin Bamidele Akinfemiwa. The new management team was tasked with turning around the company's fortunes and improving its financial performance.

These are some of the latest news updates on Forte Oil Plc. The company is still going through a challenging period, but it is working to restructure its debt, improve its financial performance, and position itself for future growth.