Springfield Exploration and Production Limited (SEP) has vehemently dismissed allegations made by Petraco Oil Company SA, labelling them as "false and unfounded".
The claims emerged following a petition submitted to the Economic and Organised Crime Office (EOCO), igniting a media frenzy that the Ghanaian upstream oil and gas firm says misrepresents an ongoing commercial dispute currently under arbitration.
In a comprehensive statement released on Monday, Springfield expressed concern over the damaging implications of the allegations, which they assert are an attempt to tarnish their corporate reputation without any factual basis. "The allegations contained in Petraco's petition are false, unfounded, and entirely without merit," the company stated, emphasising that the claims do not accurately reflect the nature of their commercial relationship. "They do not reflect the facts of the commercial relationship between Springfield and Petraco and should not be treated as evidence of criminal conduct." The conflict traces back to a significant USD 100 million facility agreement signed on February 7, 2023, in which Petraco initially disbursed USD 50 million.
According to Springfield, the firm provided security via a charge over 10% of its issued shares.
