Springfield Denies Petraco Allegations, Labels Claims as False and Misleading
Springfield Exploration and Production Limited (SEP) has firmly denied allegations circulating in the media based on a petition reportedly submitted by Petraco Oil Company SA to the Economic and Organised Crime Office (EOCO), describing them as “false, unfounded, and entirely without merit.”
In a detailed statement issued on Monday, the Ghanaian oil and gas firm dismissed the claims as a distortion of facts surrounding a commercial dispute currently under arbitration.
Springfield asserted that the allegations were part of a deliberate effort to tarnish its corporate reputation. “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 company stated.
Background of the Dispute
The dispute involves a USD 100 million facility agreement signed on February 7, 2023, under which Petraco disbursed USD 50 million to Springfield. As part of the deal, Springfield provided security in the form of a charge over 10% of its issued shares.
However, Springfield alleges that Petraco improperly registered its interest over the entire 10% shareholding, despite disbursing only half of the facility.
The Ghanaian firm stressed that the agreement was finalized only after Petraco and its legal team had conducted extensive legal and technical due diligence, especially concerning Springfield’s interest in the West Cape Three Points Block 2 offshore Ghana.
Springfield described the arrangement as a “straightforward commercial transaction” and said attempts to reframe it as a criminal case were “misleading and deeply damaging.”
Concerns Over Media Reports
The company also criticized what it called “negative and sensationalized media reports” based on the unverified petition, warning that the continued spread of such reports could trigger legal action.
“Springfield is a responsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development,” the statement emphasized.
The company reaffirmed its willingness to engage with the media and the public in good faith and called for fairness and professionalism in future coverage.
About Springfield
Established in 2008, Springfield Exploration and Production Limited holds a majority stake and serves as operator of Ghana’s West Cape Three Points Block 2, alongside partners Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, EXPLORCO.
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