August 9, 2022/NGX
Attention of the Management of Ardova Plc (Ardova or the Company) has been drawn to news
circulated in various media publications on 8 August 2022, which seem to include Ardova Plc in a report of a “charge” to wind-up Prudent Energy & Services Limited (PESL) over an alleged inability to pay $6 million debt presented to the Federal High Court by Zenon Petroleum and Gas Limited (Zenon).
Ardova Plc hereby states that the story is misleading and presents the facts of the matter as follows:
(i) The issues relate to the claims and warranties under the Share Purchase Agreement (“SPA”)
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) 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.
(iii) 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
However, the Company has faith in the dispute resolution process and believe it will 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