'False, unfounded and baseless' - Springfield denies Petraco allegations in $100 million dispute

Indigenous oil and gas firm, Springfield Exploration and Production Limited (SEP), has denied allegations reportedly submitted to the Economic and Organised Crime Office (EOCO) by Petraco Oil Company SA, describing them as “false, unfounded, and without merit.” According to Springfield, the issue stems from a $100 million facility agreement signed with Petraco on February 7, 2023. Under the agreement, Springfield is said to have offered various forms of security, including a charge over 10% of its issued shares.

However, Petraco disbursed only $50 million, the first tranche of the facility, but proceeded to register its interest over the entire 10% share charge. In a statement issued in response to a series of media reports, as sighted by GhanaWeb Business on July 7, 2025, Springfield expressed concern over what it described as a growing number of publications based solely on unverified claims.

The company said the reports appear to be aimed at undermining its reputation and misrepresenting a straightforward commercial agreement as a criminal matter. It further emphasised that the agreement followed comprehensive legal and technical processes conducted by Petraco and its external advisers, with Springfield fully cooperating throughout the process.

"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. Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading, but deeply damaging," Springfield explained.

The company also raised concerns about the use of the EOCO petition to generate negative publicity. It criticised some media platforms for promoting a one-sided narrative that ignores Springfield's position on the issue.

"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 opportunistic petition," it added. Meanwhile, Springfield reaffirmed its position as a responsible and law-abiding Ghanaian company committed to transparency, ethical business practices, and national development.

"Springfield has made every effort to provide accurate information and context to media organisations that have shown interest in this matter. Springfield is a responsible, 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," it noted. SP/MA Cheque Fraud EXPOSED: How it works and how to stay safe

Source: GhanaWeb