23rd Sep 2013 12:17
LONDON (Alliance News) - Leni Gas and Oil PLC Monday said it is continuing to pursue legal action against Mediterranean Oil and Gas PLC in the High Court of England and Wales.
The oil and gas exploration and development company, which has assets in Spain and Trinidad, said a trial date of March 2014 has been set by the court and that its legal advisor Mishcon de Reya has told the company it has a good prospect of winning the case.
The dispute dates to July 31, 2012, when Leni Oil and Gas sold 10% of its interest in a Malta prospect license to Mediterranean Gas and Oil. Leni argues that Mediterranean misled it regarding the potential sale in July 2012.
"While we remain open to settlement discussions, we are resolved to vigorously pursue our multi-million pound claim to trial if necessary," Company Chairman David Lenigas said in a statement.
In response, a spokesman from Mediterranean Oil and Gas told Alliance News, "our company continues to refute all the various claims that Leni Gas and Oil has made against the company."
On August 15, Mediterranean Oil and Gas appointed Memery Crystal LLP as its new solicitors for the case and said that together they are preparing their case towards trial.
Leni Gas and Oil shares were down 1.9% to 0.892 pence, and Mediterranean Oil and Gas shares were down 0.24% to 6.11 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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