This statement has been released in response to an investigation by BBC Panorama and Africa Eye.

"These allegations are entirely false. There has been no wrongdoing whatsoever in relation to the Saint-Louis Offshore Profond and Caya Offshore Profond oil and gas concessions.

The reality is that the Concession - which was awarded by President Wade - was a highly risky and speculative investment that came with substantial and costly investment obligations. At the time the Concessions were awarded, no hydrocarbons had been discovered and there was a significant possibility that they never would be. Over the previous 40 years, numerous multinational oil and gas companies had the opportunity to fully explore and develop the concession but didn't take it, no doubt because of the substantial risks involved. As at 2014, it was still not known whether the Concession would yield any viable oil or gas fields.

Following the substantial pioneer capital, drive and experience of Mr Timis, and his credible relationships with other oil and gas developers, the Concession now has the potential to generate many billions of dollars revenue for the people of Senegal and provide gas to generate power which can be supplied across the whole of West Africa, to the benefit of many millions more people.

We are proud of our work and reiterate that these baseless claims are rejected."