14th Mar 2014 15:47
LONDON (Alliance News) - Mediterranean Oil & Gas Friday said it has decided to postpone its annual general meeting in anticipation of an upcoming litigation judgement.
The oil and gas exploration, development and production company said it suspended the meeting until May 21, believing that it can provide shareholders with a more meaningful update of key events and a clearer overview of future plans at that time.
The company announced on Thursday that the trial in the case brought by Leni Gas & Oil PLC against its subsidiaries Malta Oil Pty Limited & Phoenicia Energy Co Ltd concluded on Wednesday and that no judgement has yet been made.
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," 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."
Additionally, Mediterranean Oil & Gas said that its Well Hagar Qim 1 well offshore Malta should have begun being drilled by the end of March and will be well underway if not complete by the time of the suspended AGM.
Leni Gas and Oil shares were down 3.6% to 0.8724 pence, and Mediterranean Oil and Gas shares were down 2.1% at 4.72 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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