Mediterranean Oil & Gas Share Discussion Threads

[strark] 17/1/2013 15:53

Non-Exec buying this afternoon, which IMHO is a very good sign

[garymegson] 15/1/2013 10:51

Directors been doing a bit of promoting this month...

[pork115] 15/1/2013 10:16

since i own these a nice 8% raise for no apparent reason is lovely to see. any ideas why?

[gurp] 15/1/2013 09:32

bit perky this am

[glyn10] 15/1/2013 08:46

we are unlikely to know what question (if any) was not answered until it gets to court.

Wild speculation is of no value

[bobobob5] 11/1/2013 22:01

Highlands: the Cretaceous prospectivity is imo at the root of this. Was this identified by MOG before the purchase of their JV partner's 10% and was it - or was it not - communicated to their JV partner?

This is a very simple question which can surely be very simply answered, and a Judge is imo certain to order MOG to answer it. One of these two companies is imo not going to come out of this dispute very well, unless some fudged settlement is made. If MOG are in the wrong, then imo it appears to be a very serious error of judgement. They did very well imo to get the deal with Genel...the pretty low Chance of Success suggests that the well is probably going to be Plug and Abandon anyway.

[glyn10] 09/1/2013 16:22

obviously not too woried about LGO

[pork115] 09/1/2013 15:34

well that makes me happier if the directors are guna spend a checky £20k of their own money

[garymegson] 08/1/2013 10:08

Have a look at the presentaion for LGO after the MOG one has finished...If LGO get a penny from this there is something wrong with the justice system!!

[ferdy1] 08/1/2013 08:48

Lenigas dont have a leg to stand on:
"The acquisition of LGOI's 10 per cent interest in Malta Offshore Area 4 PSC will elevate the Company's working interest to 100 per cent. We believe this will help to facilitate the current farm out process in respect of the licence, which we aim to complete prior to Q4, 2012, and will enable us to more effectively pursue the further exploration of the licence with the drill bit.

[highlands] 08/1/2013 00:14

IMO MOG will have to pay up. The sooner they settle with LGO the less it will cost them.

[luminoso] 07/1/2013 08:40

Agree, Rayrac. Perhaps they are just prolonging the dispute in the hope of getting some out of court settlement along the way. Only the lawyers can win, IMO.

[rayrac] 06/1/2013 12:41

It seems to me that LGO only asked questions after the deal with Genel. If so I can't see LGO having a leg to stand on. Like crying over spilt milk? They got the wrong end of a deal because THEY didn't ask questions, but after the deal they are. It's too late!

[bobobob5] 04/1/2013 16:33

Nasty little MOG.

[doerx2] 03/1/2013 22:07

Glad i got out of these:))))))))))

[brettmo] 03/1/2013 21:15

All can only be speculation as nobody on this BB has any facts. The big issue is what questions were asked pre-deal and whether misleading answers were given.

[euclid5] 03/1/2013 17:52

LGO may have some case here:

"We have repeatedly asked MOG to answer simple questions explaining the facts at the time the Company agreed to sell its interest and since we have not had what we regard as satisfactory answers, LGO's board has found itself with no option but to seek relief through the Courts."

David Lenigas, the Company's Chairman commented: "The Company's strong view is that it was misled by MOG at the time LGO sold its 10% interest on 31 July 2012. As MOG won't confirm the facts, we will now let the Court decide on the matter."

[glyn10] 03/1/2013 15:47

Interesting - maybe LGO failed to do due diligence, who knows it might get to court in 12 months time.

[jamesiebabie] 03/1/2013 13:27

RNS Number : 7721U

Leni Gas & Oil PLC

03 January 2013

For Immediate Release (Embargoed until Advised by LGO circa tomorrow noon)

3 January 2013

LENI GAS AND OIL PLC

("LGO" or the "Company")

Legal Proceedings commenced against Mediterranean Oil and Gas

LGO today announces that, further to its statements of 3 and 4 September 2012, it has today issued proceedings against Mediterranean Oil and Gas Plc ("MOG") in the High Court of England and Wales in regard to the Company's 31 July 2012 sale of its 10% interest in Malta Area 4 PSC to MOG.

LGO's Chief Executive, Neil Ritson said: "We have repeatedly asked MOG to answer simple questions explaining the facts at the time the Company agreed to sell its interest and since we have not had what we regard as satisfactory answers, LGO's board has found itself with no option but to seek relief through the Courts."

David Lenigas, the Company's Chairman commented: "The Company's strong view is that it was misled by MOG at the time LGO sold its 10% interest on 31 July 2012. As MOG won't confirm the facts, we will now let the Court decide on the matter."

Notes to editors:

On 1 August 2012 LGO announced that Leni Gas and Oil Investments Limited ("LGOI"), a subsidiary of LGO, had agreed to sell its interest in the Malta Area 4 Production Sharing Contract ("PSC") (the "Interest") to Phoenicia Energy Company Limited ("PECL"), a subsidiary of MOG.

PECL agreed to pay LGOI a consideration of USD1 for the Interest with an effective date of 1 January, 2012. In addition, PECL will assume liability for LGOI's residual costs arising under the Joint Operating Agreement between the Parties associated with the acquisition of 3D seismic data in 2011 estimated to be of the order of USD20,000 for the to end-2011.

Subsequently MOG announced on 23 August 2012 that its wholly owned subsidiary, PECL, had entered into a conditional farm-out agreement with Genel Energy Plc ("Genel"), in relation to PECL's 100% interest in Area 4 Offshore Malta; only 23 days after LGO agreed to sell its working interest to MOG for US$1.

MOG also announced on 21 December 2012 that it had signed the two key contracts with Genel that enable Genel's acquisition of a 75% working interest in MOG's wholly owned subsidiary, PECL. This follows the Government of Malta granting a one year extension to January 2014 of the first exploration phase of the PSC for Malta Offshore Area 4. MOG listed these agreements as:

1: Share Sale Agreement

The Share Sale Agreement will result in Genel acquiring 75% of the issued share capital of PECL on completion of the transaction for the following consideration:

US$10 million cash payment;

100% carry on the first exploration well, and a 100% carry on the second exploration well up to US$30 million gross expenditure;

At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps.

MOG will remain operator via an Operations Service Agreement with PECL until completion of the first exploration well, at which time Genel can elect to become the operator, or at such later date as the parties may agree.

2: Shareholders' Agreement

The Shareholders' Agreement, also entered into today, governs the operation of PECL in relation to its execution of the PSC and the rights and obligations of the shareholders.

[flyingbull] 30/12/2012 14:38

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[fastbuck] 28/12/2012 09:37

This company is so far under the radar of most investors, like you on seeing the announcement last week I immediately brought more. For me the company is doing everything right, now we need to start drilling OM

[glyn10] 27/12/2012 08:46

indeed, time to top up before the rise !!.

[aughton 3] 22/12/2012 13:19

no one seems to have noticed yet

[luminoso] 21/12/2012 16:34

This is what the market wanted. And me. Although i was hoping to nick more under 10p next week. Not likely now with this news.