Nigeria’s Forte Oil puts N20 bln share sale on hold

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LAGOS, Sept 20  – Forte Oil has put a planned 20 billion naira ($64 million) share sale on hold, after it received regulatory approval for the offer, due to restructuring, it said on Wednesday.

“The board has taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximising emerging opportunities in the Nigerian energy sector,” it said in a statement.

In August, Forte Oil said it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter. ($1 = 314.5000 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)

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