17th Feb 2014 12:37
LONDON (Alliance News) - Mediterranean Oil & Gas PLC Monday said the trial in the case brought by Leni Gas & Oil PLC against its subsidiaries Malta Oil Pty Limited & Phoenicia Energy Co Ltd starts in two weeks in the High Court of England and Wales.
The oil and gas exploration, development and production company said the first sitting is expected to be on March 4 and the case is expected to run for 6 to 8 days.
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.
In September, Leni Gas & Oil said its legal advisor Mishcon de Reya told the company it has a good prospect of winning the case.
"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 September.
In response, a spokesman from Mediterranean Oil and Gas told Alliance News at the time, "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 0.4% to 0.937 pence, and Mediterranean Oil and Gas shares were up 2.1% to 4.72 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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