No Winding- Up Charges Against Ardova Plc, Company Denies Involvement In Law Suit Filed By Zenon Petroleum

Ardova Plc has said that there are no winding-up petitions filed against it in respect of the suit filed by Zenon Petroleum and Gas Limited (Zenon) against Prudent Energy & Services Limited (PESL) over an alleged inability to pay $6m debt.

Ardova denied involvement in the matter in a statement titled ‘Misleading misrepresentation in Media Publications of a “charge” to wind up PESL,’ seen by THE WHISTLER.

Zenon Ltd had filed a Winding Up petition against Prudent Energy and Services Limited in a Federal High Court over the inability of Prudent Energy to repay a debt of $6m.

Prudent Energy & Services through its entity, Ignite Investments and Commodities Limited owns 74 per cent of Ardova Petroleum formerly Forte Oil.

The oil company said the facts of the matter were twisted as Ardova Plc is not part of the proceedings.

Based on its explanation, the matter relates to Share Purchase Agreement (“SPA”) between Ignite Investments and Commodities Limited (“Ignite”) and Zenon for the acquisition of Forte Oil.

The company explained, “The issues relate to the claims and warranties under the Share Purchase Agreement between Ignite Investments and Commodities Limited and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc).

“There are no claims against Ardova Plc as an entity. There are no winding-up petitions threatened or filed against Ardova Plc in respect of these issues or any other issue.

“For the avoidance of doubt, Ardova Plc is not a party to any of the proceedings and the proceedings neither affect Ardova Plc’s rights nor create any liability for Ardova Plc in any way.”

The company said that the dispute resolution process would culminate in a just resolution of the issues.

“Ardova wants to avoid being drawn into a 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,” Ardova added.