Springfield: Springfield Exploration and Production Limited (SEP) has rejected allegations in Petraco's petition to the Economic and Organised Crime Office (EOCO), describing them as false, unfounded, and entirely without merit. In a statement, Springfield said the claims being circulated in the media misrepresented a purely commercial dispute currently under arbitration.
According to Ghana News Agency, the petition and resulting media coverage are part of an attempt to cast aspersions on Springfield's corporate reputation without basis. 'The allegations contained in Petraco's petition are false, unfounded, and entirely without merit,' the company stated. '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 dispute arises from a USD 100 million facility agreement signed on 7th February 2023, under which Petraco disbursed an initial tranche of USD 50 million. As part of the agreement, Springfield provided security through a charge over 10% of its issued shares. However, Petraco registered its interest over the entire 10%, despite only partially disbursing the facility.
Springfield noted that the deal was entered into after Petraco and its legal advisers conducted 'comprehensive legal and technical due diligence' on its operations and assets, particularly its interest in Ghana's West Cape Three Points Block 2. 'Springfield cooperated fully, providing all relevant information and documentation. The agreement was executed only after Petraco completed its due diligence process to its satisfaction,' the statement said.
'This was, and remains, a straightforward commercial arrangement,' Springfield stated. 'Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading, but deeply damaging.' The company expressed concern over what it called 'a series of negative and sensationalised reports' based on the unverified petition. It warned that continued publication of what it described as defamatory and speculative content could result in legal consequences.
'Springfield is a responsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development. We welcome scrutiny and accountability but expect it to be based on fact-not speculation,' the statement said. The company reaffirmed its willingness to engage media and the public in good faith, while urging professionalism and fairness in ongoing coverage.
Springfield Exploration and Production Limited, established in 2008, holds the majority interest and operatorship of the West Cape Three Points Block 2 offshore Ghana, with partners Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, EXPLORCO.
