The company says the publications, many of which rely solely on unverified allegations, have sought to cast doubt on Springfield’s integrity and imply wrongdoing where there is none.
“We wish to respond clearly and directly: 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”, it said in a statement issued on July 7, 2025.
The statement said on 7th February 2023, Springfield entered into a USD 100 million facility agreement with Petraco.
Under the terms of the agreement, Springfield provided security, including a charge over 10% of its issued shares. Petraco disbursed only the first tranche of the Facility, USD 50 million, but also proceeded to register its interest in the full charge over 10% of Springfield’s issued shares.
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.
“As can be deduced from the above, this was, and remains, a straightforward commercial arrangement. Attempts to reframe it as a matter of criminality whilst it is being addressed...
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