BusinessDay
NigeriaDecides2023

Ardova debunks wind-up claims of PESL

Ardova Plc has issued a statement dissociating itself from a ‘misleading claim’ making the rounds on several conventional and social media outlets of a ‘charge’ to wind-up Prudent Energy & Services Limited (PESL) over an alleged inability to pay a $6 million debt presented to the Federal High Court by Zenon Petroleum and Gas Limited (Zenon).

Reacting on behalf of Ardova, Oladeinde Nelson-Cole, the company secretary, said that the story published on Monday, August 8 was not only misleading but capable of damaging the reputation of the company.

He said that the issues of ‘wind-up’ were related to claims and warranties under the Share Purchase Agreement (“SPA”) between Ignite Investments and Commodities Limited (“Ignite”) and Zenon, together with its affiliates, for the acquisition of shares in Forte Oil Plc (now Ardova Plc). Thereby distancing the company from any claims as wrongly presented. He said that the company has no “wind-up” petition against it in any court of law in the country.

He expressed faith in the dispute resolution process and believes that it will culminate in a just resolution of the issues.

He pleaded with all interested in the matter to avoid dragging the company into any media spectacle and “consider it important to clarify that this report relates to a dispute between former shareholders and a current shareholder and has nothing to do with Ardova Plc as a separate entity”.

Read also: Ardova may see ‘Sell’ as Zenon battles Prudent Energy over N2.6bn debt

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