Zenon Petroleum and Gas Limited has said it never published particulars of its suit against Prudent Energy & Services Limited (PESL) in adherence with the rules of the court.
In a statement, the company said that like other members of the public, it read the story of the petition it filed at the Federal High Court Lagos in Suit No. FHC/L/CP/1450/2022 to wind-up Prudent Energy and Services Limited and the subsequent press statement by Prudent Energy on Tuesday.
The clarification followed Prudent Energy rebuttal of the news in the media over the winding up proceedings initiated against it by Zenon over its inability to pay $6 million debt owed the oil company.
The firm had said that the subject of Zenon’s winding-up petition and its entitlement to any sum from PESL was being contested through a High Court suit commenced by the company to prevent Zenon from enforcing the corporate guarantee until the arbitral award had been delivered.
It noted that the advertisement, in the form of media publications of the winding-up petition commenced by Zenon against PESL, when no court had authorised the advertisement of such petition was illegal and prejudicial.
But Zenon stated that the petition was a matter before the Federal High Court and was not to be publicised by the rules of court by either Zenon or Prudent Energy, saying it will not engage Prudent Energy in any exchange on the pages of the newspapers.
“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, as its application to advertise the winding – up petition was yet to be heard by the Federal High Court,” it stated.