- Springfield Exploration & Production denies allegations by Petraco Oil Company
- Dispute is under commercial arbitration, not criminal investigation
- Company threatens legal action over defamatory publications
Springfield Exploration and Production Limited (SEP) has firmly dismissed allegations made by Petraco Oil Company SA in a petition reportedly submitted to the Economic and Organised Crime Office (EOCO), describing them as “false, unfounded, and entirely without merit.”
In a statement released on Monday, the Ghanaian upstream oil and gas firm said the claims circulating in the media distort the nature of a purely commercial disagreement currently undergoing arbitration.
According to Springfield, the petition and associated media reports appear to be deliberate attempts to damage the company’s reputation without any factual basis.
“The claims made by Petraco do not reflect the realities of our commercial relationship and should not be misinterpreted as evidence of any wrongdoing,” the company asserted.
The dispute centers around a $100 million facility agreement signed on February 7, 2023, in which Petraco disbursed an initial $50 million. As security, Springfield pledged 10% of its issued shares. However, the company claims Petraco wrongfully registered an interest over the full 10% despite only disbursing half the agreed facility.
Springfield emphasized that Petraco and its legal team conducted extensive legal and technical due diligence—especially on its interest in Ghana’s West Cape Three Points Block 2—before finalizing the agreement. The company fully cooperated throughout the process.
“This was, and continues to be, a straightforward commercial transaction,” Springfield stressed. “Attempts to portray it as a criminal matter while it’s being handled through arbitration are misleading and harmful.”
The company also voiced concern over what it described as “sensational and unverified media coverage” based on the petition, warning that the continued publication of such reports could have legal repercussions.
“Springfield is a responsible Ghanaian company that adheres to ethical practices and transparency. We are open to scrutiny, but it must be grounded in facts—not speculation,” the statement noted.
The company reaffirmed its commitment to engaging the media and public in good faith, calling for professionalism and balanced reporting.
Founded in 2008, Springfield holds the majority operating interest in Ghana’s offshore West Cape Three Points Block 2, in partnership with the Ghana National Petroleum Corporation (GNPC) and its exploration arm, EXPLORCO.
