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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Med Oil & Gas | LSE:MOG | London | Ordinary Share | GB00B0MZGF99 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 6.375 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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08/4/2013 20:06 | Just found discussion on iii, which I hardly ever visit, and that provided some answers. Difficult to see how LGO's case will succeed, but maybe they are after a pre court cash settlement for dropping the case ? | luminoso | |
08/4/2013 19:56 | Just popped in and found your post, Gary. Thanks a lot for posting that. it makes things a bit clearer. I am no legal beagle, sorry. Do you have more details of what LGO say was said in the phone call ? I guess no-one else has commented because of concerns about 'sub judice' ? | luminoso | |
26/3/2013 11:56 | Off i i i For the meagre cost of £20 you can obtain, as I did, via the Bloomberg Court Service copies of the LGO claim and MOG defence which are public domain documents. Considering the damage to my worldly wealth of LGO's claim and associated loud noises this seemed affordable, and provided for a pleasing afternoon of commuting. I highly recommend the same to fellow MOG & LGO shareholders, who can then opine on hilaal's question. A number of interesting points emerged before I fell into a sound slumber:- Both parties clearly had their minds fully focussed on the risk of ending up paying a $5mn penalty plus any unspent agreed exploration expenditure to the Malta Govt if they were not to drill a well to > 2,500m on or before 13/1/13, with LGO share being a minimum of $500,000. LGO's claim appears to focus exclusively on a single telephone call between Higgs& Ritson on 10th July 2012. MOG's defence covers the 'Farmout' period 2010 to 2012 in some detail. From 'late 2011 onwards' LGO 'repeatedly failed to comply with their payment obligations under the JoA' and in December 2011 Ritson 'indicated that LGO did not have funds to pay more than $100,000 of the amount due and was not willing to make any further funds available because the Area 4 PSC was "outside its core strategy"'. On 1st February 2012 LGO advised MOG that it was seeking a buyer for its 10% stake, and offered to settle the outstanding debt to MOG 'by transferring its entire interest in the area 4C to MOG'. Which offer MOG turned down; 'Dr Morandi responded on 7th February rejecting the offer and demanding payment of the sums due'. After further bills remained unpaid 'LGO was accordingly, with effect from 1st June 2012, a "Defaulting Party" under Clause 8 of the JoA' On 18 April 2012 LGO advised MOG that it has received an offer from Zeus Energy for its interest but such offer was subject to the Malta Govt granting an extension to the well deadline. MOG had been seeking Farm-in partners since 2010, with Stellar managing the process, with a data room open in Rome. MOG served formal notice of its 'intention to divest itself of a 75% share of its participating interest on 16th February 2011'. The Farm-in process having been unsuccessful, MOG asked Stellar in April 2012 to prepare to remarket the opportunity 'making use of new 3D seismic data'. The data was sent to 86 oil companies on 6 July and a 2nd data room was opened in London in the week of 11 July. It was then that Higgs rang Ritson to appraise him of progress, and 'Most importantly, attempt to find a way to resolve the issue of LGO's repeated and continuing failure to pay its share of expenses, which was (a) unsatisfactory in itself and (b) likely to cause difficulties in the farm out process if not resolved'. MOG's defence states LGO's 'only interest was in exiting the project without incurring further costs.' ...'They refused an invitation to attend a meeting of the joint operating committee to discuss the analysis of the 3D Offset Seismic Data survey on 27th July. They had been looking to exit the project for several months and decided to sell out rather than pay their bills'. Much to chew on. Me, M'Lud Methings they do protest too much, but would be grateful for the opinion of some of the legal beagles amongst our ranks. | garymegson | |
25/3/2013 11:49 | Ombrina Mare funding is the longstanding unanswered question with this company, it goes back years. | bobobob5 | |
24/3/2013 07:54 | Ombrina is the question how are they funding this ? Farm down would hit nav and many have a feeling they might go for an issue to raise the capex they mention on the recording. | falklands | |
22/3/2013 08:10 | Very strong revenues and now firmly in profit. Very encouraging rns. | pilkersa | |
21/3/2013 13:42 | Listen to an interview with Bill Higgs Click the link | sammy_smith | |
21/3/2013 08:02 | TIDMMOG RNS Number : 5075A Mediterranean Oil & Gas Plc 21 March 2013 21 March, 2013 Mediterranean Oil & Gas Plc ("MOG") Renewal of Gas Sales Contract with Repower Italia SpA The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that its subsidiary Medoilgas Italia SpA ("the Company") has signed a gas sales contract with Repower Italia SpA ("Repower") relating to the Company's entire net gas production from the Guendalina gas field for a period of one year from 1 October 2013 until 30 September 2014. Repower has purchased all of the Company's production from Guendalina since 1 April 2012 under an existing contract that is valid until 30 September 2013. The new contract includes an option for the Company to sell all or part of its onshore Italy gas production that is connected to the Italian gas distribution network to Repower at the same 'take and pay' terms. Currently approximately 75% of the Company's onshore Italy gas production is connected to the gas distribution network. The remaining 25% is sold to local customers. Dr. Bill Higgs, Chief Executive of Mediterranean Oil & Gas, commented: "We are very pleased to renew our relationship with Repower until the end of the thermal year ending in 2014. Repower has proven to be a good customer in what continues to be a challenging gas market in Italy." ENQUIRIES: Mediterranean Oil & Gas Plc www.medoilgas.com Bill Higgs, Chief Executive Tel: +44 (0)203 178 5806 Chris Kelsall, Finance Director Tel: +44 (0)203 178 5806 Liberum Capital Limited (Nominated Adviser and Joint Broker) Clayton Bush/Ryan de Franck 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) Billy Clegg/Alex Beagley/Georgia Mann Tel: +44 (0)207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange END | glyn10 | |
20/3/2013 19:00 | brabazon3 at 7076 - sounds spot on to me. Trouble is market hating uncertainty and MOG saying nothing to us about it does not help. | luminoso | |
12/3/2013 17:18 | Lost in translation - for 'Croaker' read Ombrina Mare Amazing how these people assume their petrol comes from a 4th dimension on their way to the protest. My understanding is that a local judiciary blocking Ombrina Mare development(and Petroceltic's) is overcome by a State ruling. | billy_buffin | |
04/3/2013 00:18 | The March oil stock competition challenge is still on.....deadline for entries is Midnight on Monday 4 March 2013. Best regards, fb | flyingbull | |
04/3/2013 00:18 | The March oil stock competition challenge is still on.....deadline for entries is Midnight on Monday 4 March 2013. Best regards, fb | flyingbull | |
01/3/2013 14:33 | Lenigas only held a 10% working interest in the Malta licence and were well aware that seismic had been shot by MOG as they contributed $20,000 towards the funding of the contract with Fugro- Geoteam who carried out the seismic acquisition work. May 2012 update "In May, the Company agreed an 18 month extension of the first exploration phase under the Malta offshore Area 4 (MOG W.I. 90% and Operator) Production Sharing Contract. On 14 December 2011, the Company, through its subsidiary Malta Oil Pty Ltd contracted with Fugro-Geoteam Pty Ltd to acquire 1,012 sq km of long offset 3D seismic exploration data in relation to its licence commitment. The processing of this data has been completed, the interpretation is underway to identify potential prospects within the licence area, and the results of this study are expected early in the 3rd Quarter of 2012." Three months later Lenigas sold their 10% share to MOG for $1 and a refund of the $20,000 spent on the seismic acquisition so they knew beyond all doubt the seismic data analysis was nearing completion and could have put a clause in the sale contract to the effect that if the result was positive they would retain a carry of a small percentage but they didn't do that so they don't have a leg to stand on! RNS Number : 9842I Mediterranean Oil & Gas Plc 01 August 2012 Mediterranean Oil and Gas Plc Malta, Offshore Area 4 Production Sharing Contract ("PSC") Acquisition of 10 per cent interest from Leni Gas and Oil Plc The Board of Mediterranean Oil and Gas Plc (AIM: MOG)(the "Company" or "MOG"), the central Mediterranean producer, developer and explorer of oil and gas assets, is pleased to announce that the Company, through its subsidiary, Phoenicia Energy Company Limited ("PECL"), has entered into an agreement with Leni Gas and Oil Investments Limited ("LGOI") (together, the "Parties"), a subsidiary of Leni Gas and Oil Plc, to acquire the 10 per cent interest LGOI holds ("Transferred Interest") in the Malta Offshore Area 4 PSC (the "Acquisition"). PECL will pay LGOI consideration of one United States Dollar for the Transferred Interest with an effective date of 1(st) January 2012. In addition, PECL will assume liability for LGOI's residual costs of USD 19,050, arising under the Joint Operating Agreement between the Parties associated with the acquisition of 3D seismic data in 2011. The Acquisition is conditional upon the receipt of approval from the Minister for Resources and Rural Affairs in Malta." Minister for Resources and Rural Affairs has since given his approval so the whole thing is done and dusted Lenigas are wasting their time and money which they don't have a lot of left. | brabazon3 | |
01/3/2013 13:55 | All buys ao far today! The spread is a lot tighter than is showing on ADVFN! You can still buy sub 11p! | brabazon3 | |
01/3/2013 13:12 | Grannyboy Would this be the same JV partner who wouldn't cough up certain monies to MOG and this was taken into account when The LGO share was bought out for a $1 | jamiedodge | |
01/3/2013 09:42 | Its not whether Genel did their DD its what MOG did'nt divulge to a jv "PARTNER"!!. | grannyboy | |
01/3/2013 08:45 | grannyboy 1 Mar'13 - 08:30 - 7069 of 7069 0 0 Its NOT about Genel,they've just bought the rights to the licence ffs!. Its MOG that looks to be in the wrong, if like LGO state, and can prove that they had the right to be kept informed then MOG certainly have some explaining to do.. ................. Did I say it was? Read this from the MOG RNS on the subject it states clearly it has nothing to do with it and of course Genel would have clarified that before completing the deal!! "The Genel Energy Plc transaction announced by MOG on 21 December 2012 and the proposed Malta work programme, which includes drilling contracts being signed for commencement of drilling in Q4 2013, are unaffected by this dispute." | brabazon3 | |
01/3/2013 08:44 | grannyboy. Genel have brought 75% of Phoenicia Energy Company Ltd. This is the company who purchased LGO share for $1 so if they where to get the 10% back Genl would hold 67.5% so i think Genl must of done there own DD for this dont you? | garymegson | |
01/3/2013 08:30 | Its NOT about Genel,they've just bought the rights to the licence ffs!. Its MOG that looks to be in the wrong, if like LGO state, and can prove that they had the right to be kept informed then MOG certainly have some explaining to do.. | grannyboy | |
01/3/2013 08:16 | Genel have done their due diligence and are happy that Leni cannot win the court action. If they had any doubts they would have waited till it was sorted one way or another. This is a great deal and as soon as the penny drops with market this will fly imo! | brabazon3 | |
01/3/2013 08:11 | Nothing to stop Genel going ahead with the deal..A deal is a deal and LGO would've thought it a good one if they'd been informed and been alotted their share of the proceeds.... | grannyboy | |
01/3/2013 08:10 | Paying $1m or $2m to LGO to get rid of the court case would probably do the share price here good.It is uncertainty that the market dislikes. | 12bn | |
01/3/2013 08:02 | interesting that genel proceeded with this transaction even with the threat of legal action hanging over the deal - guess that shows a) that they consider it a local difficulty for MOG to sort out and b) shows that they remain keen and committed to start exploration in the area. | mdchand |
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