Forte Oil said on Monday that it plans a 20 billion naira ($66 mln) share sale to institutional and high net worth investors and has applied for regulatory approval, Nasdaq reports.

The energy firm said the capital raising will be done as a public offer for shares through a book building process to help price discovery. It has applied to the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange for approval. Forte said its core investor, Zenon Petroleum and Gas Limited, owned by billionaire Femi Otedola, with a total stake of 62.97 percent in the company, will not participate in the offer.

On Monday Forte said it was on track to achieve its target for 2017 and that based on its performance so far it could payout half of its earnings as dividend. It said its fuel distribution and power business accounted for 95 percent of its operating profit and that it hoped to announce its half-year audited account before July 31. Last year the energy firm planned to raise 100 billion naira in debt or equity for expansion. It later sold 9 billion naira in five-year bonds.