Ardova Plc has stated that the court victory of Zenon Petroleum and Gas Limited over Ignite Investment Limited doesn’t affect the firm.
In a statement released on Wednesday, Ardova said the victory wasn’t over the firm, and not a party in the arbitration, nor does it have any dispute with Zenon.
Recall Ptudent Energy and Services Limited had acquired Ardova Plc, previously known as Forte Oil, through Ignite Investment from Zenon Petroleum.
Ignite Investment had accused Zenon Petroleum of breaching their contract agreement, and filed a case at the London Court of International Arbitration (LCIA).
On October 7, Zenon Petroleum was awarded $19.2 million, with the company reminding the public of its plan of seeking the winding up of Prudent Energy, to enable Femi Otedola’s Zenon to takeover the shares in Ardova.
Following the statement by Zenon Petroleum, Ardova said the case doesn’t involve their firm, assuring shareholders that it has no dispute with Otedola’s firm.
“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 Plc will like to set the following facts for clarification; I. 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).
“II. Ardova Plc as an entity is not a party in the arbitration and does not have any dispute with Zenon. III. The arbitral proceedings do not affect or create any liability for Ardova Plc in any way whatsoever.
“For the avoidance of doubt, the Company considers it important to clarify that the matter emanated from a dispute between former shareholders and a current shareholder. Ardova Plc remains a responsible organisation and will not be drawn into a media spectacle on this matter.”
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