13th Mar 2014 12:03
LONDON (Alliance News) - Mediterranean Oil & Gas PLC Thursday said 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.
The oil and gas exploration, development and production company said no judgement has been made yet, and it will make an announcement once a judgement is handed out.
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."
Leni Gas and Oil shares were down 3.8% to 0.88 pence, and Mediterranean Oil and Gas shares were down 2.3% at 4.52 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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