Springfield Exploration and Production Limited (SEP) says it has taken note of a growing number of media stories based on a petition allegedly submitted by Petraco Oil Company SA to the Economic and Organised Crime Office (EOCO).

The company says the publications, many of which rely solely on unverified allegations, have sought to cast doubt on Springfield’s integrity and imply wrongdoing where there is none.

“We wish to respond clearly and directly: the allegations contained in Petraco’s petition are false, unfounded, and entirely without merit. They do not reflect the facts of the commercial relationship between Springfield and Petraco and should not be treated as evidence of criminal conduct”, it said in a statement issued on July 7, 2025.

The statement said on 7th February 2023, Springfield entered into a USD 100 million facility agreement with Petraco.

Under the terms of the agreement, Springfield provided security, including a charge over 10% of its issued shares. Petraco disbursed only the first tranche of the Facility, USD 50 million, but also proceeded to register its interest in the full charge over 10% of Springfield’s issued shares. 

Prior to executing the agreement, Petraco and its external advisers conducted comprehensive legal and technical due diligence on Springfield and its interest in the 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.

“As can be deduced from the above, this was, and remains, a straightforward commercial arrangement. Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading, but deeply damaging”.

“We are especially concerned that this petition (which in our view is opportunistic and self-serving) has become the basis for a series of negative and sensationalised reports. Some media outlets have unfortunately allowed themselves to be drawn into what appears to be a deliberate attempt by a few parties to discredit Springfield and its leadership. These publications ignore the facts and present a one-sided account of the matter”, it added.

Springfield pointed out that it has made every effort to provide accurate information and context to media organisations that have shown interest in this matter. While many have engaged in good faith, a small number continue to push a damaging and misleading agenda. We respectfully caution that this is not acceptable.

The company said it is aresponsible, law-abiding Ghanaian company with a demonstrated commitment to transparency, ethical conduct, and national development.

“We welcome scrutiny and accountability but we expect it to be based on fact, not speculation.

In light of the above, Springfield wishes to caution the media and commentators that it reserves the right to take legal action against any individual or outlet that continues to publish or promote defamatory statements or false claims based on Petraco’s meritless and opportunisitc petition”.

“We remain committed to engaging constructively with the media and the public, and we trust that those reporting on this matter will do so with professionalism, fairness, and a genuine regard for the truth”, the statement ended.