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. However, issues arose when Petraco registered its interest over the entire 10%, despite only partially disbursing the facility.

Springfield asserts that the agreement was finalised following thorough legal and technical due diligence conducted by Petraco and its advisors, particularly focusing on Springfield's operations and assets in Ghana’s lucrative West Cape Three Points Block 2.

The company insists that it cooperated fully throughout this process, with the deal being completed only after Petraco expressed complete satisfaction.

“This was, and remains, a straightforward commercial arrangement,” Springfield reiterated. “Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading but deeply damaging.”

The firm highlighted its worries regarding what it termed a “series of negative and sensationalised reports” that have arisen from the unverified petition.

Springfield warned that further dissemination of what it refers to as defamatory and speculative content could lead to legal repercussions.

“Springfield is a responsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development,” the statement continued. “We welcome scrutiny and accountability but expect it to be based on fact—not speculation.”

Founded in 2008, Springfield Exploration and Production Limited is a key player in Ghana's oil and gas sector, holding the majority interest and operatorship of the West Cape Three Points Block 2.

The company partners with the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, EXPLORCO, to drive forward its ambitious projects in the region.

In conclusion, Springfield reaffirms its commitment to engage with the media and the public in a transparent manner, urging a balanced and fair approach in the reporting of ongoing developments.