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MediterraneanOil&Gas (MOG)

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Friday 11 April, 2014


Litigation Update: Initial costs received

RNS Number : 5807E
Mediterranean Oil & Gas Plc
11 April 2014


11 April 2014


Mediterranean Oil & Gas Plc

(the "Company" or "MOG")


Litigation Update: Receipt of Initial £600,000 of Costs from LGO


On 27 March 2014, the Commercial Court handed down judgment in the legal case brought by Leni Gas & Oil Plc and Leni Gas & Oil Investments Ltd ("LGO") against MOG's subsidiary Malta Oil Pty Limited. The Court found that LGO's case failed at every stage.  


On 3 April, Mr Justice Males further held that LGO should pay MOG's legal costs on an indemnity basis partly because:


·     LGO pursued a "weak and thin" case involving serious allegations of fraud and dishonesty "to the bitter end" which required a full forensic enquiry and led to increased legal costs.


·     LGO courted publicity during the legal proceedings in a way that was intended to raise the profile of the case.


The award of legal costs on an indemnity basis means that MOG expects to recover substantially all of its legal costs and certainly a much higher proportion than if it had been awarded costs on the usual 'standard' basis. 



MOG is pleased to announce that it has now received the first £600,000 from LGO as an interim payment towards its costs, which amount to over £1.5 million.



It is expected to take some weeks for the final amount payable by LGO to be agreed or assessed, and MOG will keep shareholders informed of developments.





Mediterranean Oil & Gas Plc

Bill Higgs, Chief Executive

Chris Kelsall, Finance Director

Tel: +44 (0)203 178 5807

Liberum Capital Limited (Nominated Adviser and Joint Broker)

Clayton Bush/Ryan de Franck/Tim Graham

Tel: +44 (0)20 3100 2222

RBC Capital Markets (Joint Broker)

Matthew Coakes/Jeremy Low /Jonny Hardy

Tel: +44 (0)207 653 4000

FTI Consulting (Public Relations)

Ben Brewerton/Alex Beagley/James Styles

Tel: +44 (0)203 727 1000



Notes to Editors:


On 3 April, the judge quoted from various of LGO's public statements in his judgment, including the following: 

·     an RNS announcement in September 2013 which referred to legal advice that LGO had received from Mishcon de Reya that its case had "good prospects of success"


·     an email sent by Mr Neil Ritson of LGO to an equity analyst warning him to "ignore at your peril" the value of LGO's legal claim against MOG


·     a statement made by Mr David Lenigas of LGO in a speech at an investor show in 2013 in the following terms:

"We don't have lots of money in the bank.  Plus I've got a legal case going on with Mediterranean Oil and Gas and I am going to whip them from here to kingdom come.  Now that'll start in May.  … to date that's cost about £157,000 pounds.  For me to take them through to the full High Court will cost another £250,000.  But we'll win.  They were very naughty boys. What's it worth to us?  A hell of a lot." 


This information is provided by RNS
The company news service from the London Stock Exchange

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