31st Jul 2014 07:00
For Immediate Release
31 July 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Settlement of Litigation Costs
LGO today announces that it has agreed payment of the remaining costs arising from its High Court action against Mediterranean Oil and Gas plc ("MOG") over the sale of the Company's 10% interest in Malta Area 4.
MOG had reported its costs at over £1.5 million. Final settlement has been reached for £1.2 million, plus £16,437.50 of accrued interest. LGO has already paid £600,000 on account and has now agreed to pay the balance of £616,437.50 by 7 August 2014.
Neil Ritson, LGO's Chief Executive, commented:
"The costs we have agreed are considerably less than previously provided for and LGO will now continue to focus efforts on significantly increasing its oil production Trinidad. This matter is now closed."
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes | +44(0) 20 7493 8188 |
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
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