Winding-Up Petition Against Ardova Still Before Federal High Court, Zenon Petroleum Insists

Zenon Petroleum has reacted to Ardova Plc’s claim that it is not a party to winding-up petitions filed against it in respect of the suit filed against Prudent Energy & Services Limited (PESL)

Zenon said on Wednesday that it will not engage Prudent Energy in any public exchange.

Ardova Plc had denied involvement in the matter in a statement titled ‘Misleading misrepresentation in Media Publications of a “charge” to wind up PESL.’

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.

Zenon Petroleum said, “As all others in the public, we read the story of the petition filed by Zenon Petroleum and Gas Limited at the Federal High Court Lagos in Suit No. FHC/L/CP/1450/2022 to wind-up Prudent Energy and Services Limited and the press release of Prudent Energy dated 9 August 2021.

“It is useful to underscore that the petition is a matter before the Federal High Court and is not to be publicized by the rules of Court by either Zenon or Prudent Energy. We therefore will not engage Prudent Energy in any exchange on the pages of the newspapers other than to say as follows:

“It is left to the High Court or the arbitral tribunal to determine whether the deferred payment was to meet contingent payment or otherwise as asserted by Prudent Energy;

“Zenon did not advertise the winding up petition or publish the petition. As a matter of fact, Zenon’s application to advertise the winding–up petition is yet to be heard by the Federal High Court;”

The oil company alleged that Prudent Energy already admitted owing Zenon.

It added, “Prudent Energy has admitted owing Zenon and in fact, paid the first instalment of the debt during the arbitration Prudent Energy refers to in its public notice; The High Court action referred to paragraph vi of the public notice is being vigorously contested by Zenon; and  the subject matter of the winding-up petition is not before any arbitration panel but before the Federal High Court which is the Court constitutionally empowered to wind up companies unable to pay their debts.

“Accordingly, we advise all stakeholders and the general public to disregard the press release issued by Prudent Energy.”