Leni Gas and Oil decides against MOG case appeal

Leni Gas and Oil (LGO) will not appeal against the court judgement in the case against Medditerranean Oil & Gas Plc concerning a 2012 transaction of offshore blocks in Malta.

Leni Gas and Oil, in a statement made today said that, “after careful consideration, the Board has decided not to petition the Court of Appeal in its case brought in January 2013 against Mediterranean Oil and Gas plc. The Company will remain focused on its core oil production business in Trinidad; where a major 30 well development program is now underway at the Goudron Field, and in Spain.” 

LGO had applied to the judge for permission to appeal against the judgment handed down on 27 March 2014, and permission was refused. Any further application by LGO for permission to appeal had to be made to the Court of Appeal by 24 April 2014.

Background

 

Leni Gas & Oil (LGO), in July, 2012, sold its 10% share in the Malta Area 4 to MOG for 1$ for the interest plus $20,000 for its residual costs arising under the Joint Operating Agreement between the Parties associated with the acquisition of 3D seismic data in 2011.

Related:  Leni pays for going to court with MOG

Only weeks after the transaction, MOG entered into farm-in agreements with Genel Energy Plc, led by ex-BP CEO Tony Hayward, for a $10 million cash consideration and two well commitment on the offshore Malta Area 4 PSC.

LGO has taken legal action against MOG and has, since the farm-in deal, claimed it was tricked by MOG into selling its 10% share.

To remind, after buying Leni’s 10% interest in the PSC through its subsidiary Phoenicia Energy Company Limited (“PECL”) , MOG sold a 75% working interest in Phoenicia to Genel.

“Leni would not have sold its interest for $1 plus liabilities had it been aware of interest from Genel Energy or other potential farm-in partners,” Leni said in a statement last year.

 

Trinidad & Tobago
Unrelated to the court case, Leni said today it was notified yesterday that Well Services Rig 20 had arrived at the Goudron Field in Trinidad & Tobago and the spudding of the first new development well at Goudron since 1981, well H18 EJ-7, is now expected to occur over the weekend. LGO said it would keep shareholders informed of further developments as they occur.
Offshore Energy Today Staff, April 24, 2014

 

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