Springfield Exploration and Production Limited (SEP) has rejected allegations from Petraco Oil Company SA, calling them “false and unfounded” and clarifying that the dispute is a commercial matter currently under arbitration, not a case of criminal conduct.
Springfield Exploration and Production Limited (SEP), a Ghanaian upstream oil and gas company, has strongly refuted recent claims made in a petition reportedly submitted by Petraco Oil Company SA to the Economic and Organised Crime Office (EOCO).
The company described the allegations as “false, unfounded, and entirely without merit,” adding that they misrepresent what is essentially a commercial dispute and not a criminal issue.
In a detailed statement released Monday, Springfield emphasised that the claims circulating in the media are part of an effort to tarnish the company’s reputation without any valid basis.
According to the company, the dispute revolves around a USD 100 million facility agreement signed on February 7, 2023, in which Petraco disbursed an initial amount of USD 50 million.
As part of the agreement, Springfield provided security by offering a charge over 10% of its issued shares.
However, Petraco allegedly registered its interest over the entire 10%, despite having only partially disbursed the facility. Springfield contends that this action misrepresents the terms of their agreement and that there is no evidence of criminal activity involved.
Springfield’s statement further clarified that the deal was struck after Petraco and its legal advisers conducted a thorough legal and technical due diligence process on Springfield’s operations and assets, particularly its interest in the West Cape Three Points Block 2 offshore Ghana.
The company maintains that the agreement was finalised only after Petraco expressed full satisfaction with all aspects of the due diligence process.
“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 also deeply damaging to the company’s reputation.”
In addition to the rejection of the allegations, Springfield expressed concerns about the “negative and sensationalised reports” that have followed the submission of the petition. The company claimed that these reports, based on unverified information, have distorted the nature of the dispute and misled the public.
Springfield cautioned that if the publication of what it described as “defamatory and speculative content” continues, the company would not hesitate to take legal action. “We welcome scrutiny and accountability but expect it to be based on fact—not speculation,” the statement read.
The company also took the opportunity to reaffirm its commitment to ethical conduct, transparency, and national development. “Springfield is a responsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development,” the statement continued. “We expect professionalism and fairness in the coverage of this issue.”
Springfield concluded by reiterating its willingness to engage with both the media and the public in good faith, urging for fair and accurate reporting on the ongoing arbitration. The company stressed that the dispute should be understood as a commercial matter under negotiation, not an issue involving criminal behaviour.
Founded in 2008, Springfield Exploration and Production Limited holds the majority interest and operatorship of the West Cape Three Points Block 2, an offshore oil block located in Ghana.
The company partners with the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, EXPLORCO, in its operations. Springfield has built a reputation for its contributions to Ghana’s energy sector and its commitment to the country’s long-term development goals.
By addressing these allegations head-on, Springfield seeks to ensure that the public remains informed about the true nature of the dispute while also setting the record straight on its ethical standing and business practices.
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