Preliminary Discussion on Possible Acquisition of a Downstream Asset
1. Forte Oil PLC (formerly AP PLC) has notified The Nigerian Stock Exchange that the management of the Company has begun initial discussions with a downstream company with the intention to acquire the assets of the said company.
2. Discussions on the proposed acquisition is still in its infancy, but this announcement on this possible transaction is in the interest of full disclosure and ensuring that as a company, Forte Oil Plc adheres to the highest corporate governance practices and procedures.
3. This is a very big news and word on the street suggest it may just be a leading Oil and Gas company that just paid for an upstream asset a few months ago.
4. It is opined that the Company is looking at concentrating on its upstream assets rather than the lower margin downstream.
5. I will keep everyone posted once i receive confirmed details of this deal.