Springfield Exploration and Production Limited (SEP) has publicly condemned a series of defamatory publications concerning a petition reportedly submitted by Petraco Oil Company SA to the Economic and Organised Crime Office (EOCO).
In a statement released to the press, The Ghanaian upstream oil and gas firm asserted, “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.”
The company detailed its financial dealings with Petraco, highlighting a USD 100 million facility agreement established on February 7, 2023. As part of this agreement, Springfield provided security, including a charge over 10% of its issued shares. Although Petraco disbursed only the first tranche of USD 50 million, it registered its interest in the full charge over Springfield’s shares.
Springfield emphasized that prior to finalizing the agreement, Petraco and its external advisers conducted extensive legal and technical due diligence. The company cooperated fully throughout this process, providing all necessary information and documentation. The agreement was executed only after Petraco completed its due diligence to its satisfaction.
“This was, and remains, a straightforward commercial arrangement,” the statement continued. “Attempts to reframe it as a matter of criminality while it is being addressed in arbitration are not only misleading but deeply damaging.”
The firm expressed concern that the petition has led to a wave of negative and sensationalized reports in certain media outlets. Springfield accused some publications of being complicit in what it described as a deliberate attempt to discredit the company and its leadership.
“These publications ignore the facts and present a one-sided account of the matter,” Springfield stated. “While many media organizations 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 reaffirmed its commitment to transparency, ethical conduct, and national development, asserting that it welcomes scrutiny based on factual reporting rather than speculation.
“Springfield remains committed to engaging constructively with the media and the public,” the statement concluded. “We trust that those reporting on this matter will do so with professionalism, fairness, and a genuine regard for the truth.”
By Prince Fiifi Yorke