Springfield Exploration and Production Limited (SEP) has strongly refuted the fraud allegations made by Petraco Oil Company SA, describing them as “false and unfounded.” The claims surfaced after Petraco submitted a petition to the Economic and Organised Crime Office (EOCO), which sparked significant media attention. In a statement released on Monday, Springfield asserted that the allegations misrepresent an ongoing commercial dispute currently under arbitration.
The conflict originates from a $100 million facility agreement signed on February 7, 2023, where Petraco initially disbursed $50 million. Springfield contends that the agreement was finalized after thorough legal due diligence and that the claims do not reflect the actual nature of their relationship. The company expressed concern over the negative implications of the allegations, calling them misleading and damaging to their reputation.
Springfield emphasized its commitment to transparency and ethical conduct, warning that further dissemination of defamatory content could lead to legal action. They reiterated their dedication to engaging openly with the media and urged fair reporting on the matter.