Ardova Plc has reacted to claims of victory by Zenon Petroleum and Gas Limited over Ardova Plc in the share purchase agreement (SPA) dispute involving the sale of Forte Oil.
In a corporate disclosure signed by Company Secretary Oladeinde Nelson-Cole, Ardova Plc emphasized that the arbitration case is strictly between Ignite Investments and Commodities Limited and Zenon Petroleum and its affiliates.
The bone of contention has to do with the acquisition of shares in Forte Oil Plc, now Ardova Plc.
The statement by Ardova Plc said:
“The attention of the Management of Ardova Plc (the Company) has been drawn to news circulated by various media publications claiming victory by Zenon Oil over Ardova Plc in the share purchase agreement (SPA) dispute over the sale of Forte Oil.
Ardova Says It Has No Dispute With Zenon Petroleum
“The arbitration case is strictly 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), adding that “Ardova Plc as an entity is not a party in the arbitration and does not have any dispute with Zenon.
“The arbitral proceedings do not affect or create any liability for Ardova Plc in any way whatsoever.”
The company further explained that it considered it necessary to clarify the matter for the avoidance of doubt.
The company then added that it remains a responsible organization and will not be drawn into a media spectacle on this matter.
Source: Nairametrics