By PETER EGWUATU

Forte Oil Plc,  (formerly African Petroleum Plc) has forecast a Profit Before Tax (PBT) of N1 billion in its half year ending June 2012. The forecast is coming after improvement in its first quarter result recently sent to the Nigerian Stock Exchange (NSE).

In a statement made available to Vanguard, the company stated that its forecast was based on improved sales, an indication that it is on the path to growth.

Speaking on the forecast, Acting Group Chief Executive Officer, Forte Oil Plc, Akin Akinfemiwa said, that 2012 is a year of recovery for the company.

“ In this time, the company will build on the foundations laid last year through a revamp of its people, systems, and structures that will give us the required leverage to return to our winning ways.

“As we move through 2012, we expect financial momentum to build as we restore high value output in all areas of our business and also bring new projects on stream in the areas of upstream exploration and production” he stated.

It will be recalled that Forte Oil recently carried out a complete restructure of its business with the objective of transforming it into a lean, talent based and technology driven organization that will be more responsive to the needs of its customers.