Springfield Exploration and Production Limited (SEP) has firmly denied allegations made by Petraco Oil Company SA, describing them as “false, unfounded, and without merit.”
The accusations surfaced after Petraco filed a petition with the Economic and Organised Crime Office (EOCO), prompting widespread media attention. However, Springfield insists the matter is purely a commercial dispute currently undergoing arbitration—not a criminal investigation.
In a strongly worded statement issued on Monday, the Ghanaian upstream oil and gas firm expressed deep concern over what it described as a “mischaracterisation” of the situation, warning of reputational harm from unverified claims.
“The allegations contained in Petraco’s petition are false, unfounded, and entirely without merit,” the company stated. “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 dispute stems from a $100 million facility agreement signed on February 7, 2023, under which Petraco disbursed an initial $50 million. Springfield notes it provided security for the transaction by placing a charge on 10% of its issued shares.
However, Springfield contends that Petraco wrongly registered an interest over the entire 10%, despite only partially disbursing the facility, a move the company believes has contributed to the current tensions.
The Ghanaian oil firm emphasized that the facility agreement was only finalized after comprehensive legal and technical due diligence by Petraco and its advisors, with particular focus on Springfield’s assets in Ghana’s resource-rich West Cape Three Points Block 2.
“This was, and remains, a straightforward commercial arrangement,” Springfield said. “Attempts to reframe it as a matter of criminality whilst it is being addressed in arbitration are not only misleading but deeply damaging.”
Springfield also raised concerns about what it described as “a series of negative and sensationalised reports” that followed the EOCO petition. The company warned that continued publication of what it deems defamatory and speculative content could attract legal consequences.
“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 holds a majority stake and operatorship of Ghana’s West Cape Three Points Block 2 in partnership with the Ghana National Petroleum Corporation (GNPC) and its exploration subsidiary, EXPLORCO.
The company reaffirmed its commitment to openness and engagement with both the media and the public, calling for accurate and balanced reporting on the issue.