26th Mar 2014 16:49
LONDON (Alliance News) - Mediterranean Oil & Gas PLC Wednesday said a judgement is expected on Thursday concerning a legal dispute by Leni Gas & Oil PLC and its subsidiary Malta Oil Pty Ltd and Phoenicia Energy Co Ltd.
The dispute dates back to July 31, 2012, when Leni Gas & Oil sold 10% of its interest in a Malta prospect license to Mediterranean Gas & Oil. Leni argues that Mediterranean misled it regarding the potential sale in July 2012.
Mediterranean Oil & Gas said that in order to maintain an orderly market in its shares, its shares will be temporarily suspended on AIM from Thursday, and will remain suspended until the outcome of the case and detail of the court's decision has been announced.
Mediterranean Oil & Gas shares closed 2.6% higher Wednesday at 5.00 pence per share. Leni Gas & Oil closed at 0.815 pence, down 2.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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