Accra, 7th July 2025 — Springfield Exploration and Production Limited (SEP) has hit back at what it calls false and damaging claims being circulated in the media, linked to a petition reportedly filed by Petraco Oil Company SA with the Economic and Organised Crime Office (EOCO).
In a strongly worded statement, the Ghanaian oil company dismissed the allegations as completely unfounded and described the media reports based on them as misleading and one-sided. “Let’s be clear,” the company said, “this is a straightforward commercial disagreement not a criminal matter.”
According to Springfield, the issue stems from a $100 million facility agreement signed with Petraco in February 2023. Petraco disbursed only $50 million of that amount but went ahead to register a charge over 10% of Springfield’s shares as if the full amount had been paid. Springfield says Petraco did its full due diligence before the deal was signed, and all necessary information was shared transparently.
Springfield believes Petraco’s decision to take the matter public, while it is already being addressed through arbitration, is a calculated move. “This petition is opportunistic and self-serving,” the company noted, warning that the media should not allow itself to be used as a weapon in what is essentially a business dispute.
The company expressed disappointment that some media outlets have chosen to run with the story without verifying the facts or seeking balanced perspectives. “We’ve engaged many outlets in good faith,” the statement said, “but a few seem determined to push a false narrative.”
Springfield emphasized its reputation as a law-abiding, Ghanaian-owned company that has always operated with integrity. “We welcome scrutiny,” the statement read, “but it must be rooted in facts not half-truths or speculation.”
The company also cautioned that it will not hesitate to take legal action against anyone spreading defamatory content based on what it calls Petraco’s baseless petition.
About Springfield E&P
Springfield Exploration and Production Limited was set up in 2008 to pursue oil and gas opportunities in Ghana and the West African region. In 2016, the Government of Ghana awarded the company operatorship and a majority stake in West Cape Three Points Block 2. Ghana National Petroleum Corporation and its subsidiary, EXPLORCO, hold the remaining interest.
For media enquiries:
Kennedy Noonoo
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