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.
What the company is saying
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.
- “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.
What you should know
An earlier publication by Nairametrics spotlighted how Zenon Petroleum and Gas Limited won an arbitration case instituted by Ignite Investment Limited in the London Court of International Arbitration (LCIA) over the share purchase agreement (SPA) reached on the sale of Forte Oil Plc to the latter.
Zenon Petroleum was awarded $19.2 million by the LCIA in the dispute.
In the judgment delivered on October 7, the tribunal ruled in favour of Zenon in three out of the four claims and ordered that Ignite make the SPA agreed on payments less the amount awarded for one of the claims.
