H-PTL appoints interim administrator over $25.5m debt dispute

H-PTL Energy Services Limited has taken legal steps to recover an outstanding $25.5 million debt owed by Green Energy and Lekoil, securing the appointment of an interim administrator to oversee the companies’ assets.

The interim administrator, Mr Chimezie Victor C. Ihekweazu, SAN, was appointed with immediate effect following the alleged failure of both firms to settle the debt, which has been outstanding since mid-2025.

Green Energy and Lekoil are joint venture partners operating the Okatikpa Field under Petroleum Mining Lease (PML) 11 in Andoni, Rivers State. According to H-PTL, the companies had acknowledged the debt in writing but have yet to liquidate the obligation despite repeated demands.

The creditor further stated that after several notices were issued, the debtor companies allegedly became evasive and later attempted to challenge the previously agreed sum.

As part of the court-ordered administration process, H-PTL has moved to secure the assets linked to the joint venture. This includes the attachment of bank accounts, receivables and crude oil stock produced from the Okatikpa Field, pending the outcome of ongoing legal proceedings.

With the court action now in effect, control over the management, finances and operational interests of Green Energy and Lekoil in the oil field has been placed under the authority of the interim administrator.

The development marks a significant escalation in the dispute as H-PTL seeks to preserve assets while the matter proceeds through the courts.

Benita Ibrahim