Mediterranean Oil & Gas announce Litigation Update
The Board notes the announcement from Leni Gas & Oil Plc (“LGO”) this morning on the legal claim brought by it against MOG’s subsidiary Malta Oil Pty Limited. As MOG had anticipated, LGO confirmed that it has decided not to petition the Court of Appeal against the judgment the Commercial Court handed down on 27 March 2014 dismissing LGO’s case, which the court said had “failed at every stage”.
On 3 April 2014, the Court also ruled that LGO should pay MOG’s legal costs on an indemnity basis, which means that MOG expects to recover substantially all of its legal costs incurred in defending this action. The Board will continue to take steps to quickly recover these costs and will keep shareholders informed of any developments.
Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:
“This decision is as we expected and I am pleased that this is now the end of the road for the claim LGO made against the Company. The only issue left outstanding is the recovery of MOG’s legal costs from LGO.”
Source: Mediterranean Oil & Gas