Mediterranean Oil & Gas Share Discussion Threads

[mdchand] 17/2/2014 11:53

Alas lawyers are incentivised to advise their own clients that they have every chance of winning any contested claims such as this, but at the last moment, having stretched the fee pool as far as possible, will end up having a friendly chat in a pub to come up with a agreed settlement at the 11th hour.

Be surprised if this goes to trial, but sometimes the ego of the clients gets in the way of any agreement and that might just happen here.....

[12bn] 17/2/2014 08:58

I am surprised that MOG haven't settled yet.Looking at the share price an earlier settlement may have saved some of the drop.An early settlement now could still be well received by the market, as it would remove uncertainty.

[pugugly] 17/2/2014 07:37

Litigation timeline now clarified.



The first sitting day is expected to be Tuesday 4 March 2014 and the case is expected to run for 6-8 days. The trial will take place at the Rolls Building in Fetter Lane and will be open to the public.

Anyone going ? If so please, keep us updated.

[mdchand] 16/2/2014 21:49

I suspect that at some point, the share price will become so completely detached from the underlying value of the overall portfolio, it becomes almost immaterial whether MOG win / lose the case - albeit cash flow wise, the pain might be material.

Updated investor presentation on website btw

[bobobob5] 16/2/2014 18:30

12bn: imo MOG must have been bonkers not to settle. If this goes the wrong way, the board will lose all credibility. They had a right good result in getting the farm-out..seeking to take 100% of the windfall for themselves, rather than 90%, seems like madness to me. Just my personal opinion of course.

[12bn] 13/2/2014 12:52

Court case is looming,March 3rd I think.

[garymegson] 13/2/2014 12:50

takeover at £1.30 is that just pillow talk!!

[pillow] 13/2/2014 12:33

Takeover at £1.30 may be looming!!

[12bn] 07/2/2014 09:58

The directors here would be wise to do a deal with LGO imo as the uncertainty is destroying the share price here.

[mug3] 04/2/2014 19:21

I see LGO is now a bigger company than MOG today. Court case starts in a month. Now that will be interesting.

[glyn10] 27/1/2014 17:31

RNS Number : 5169Y

Mediterranean Oil & Gas Plc

27 January 2014

27 January 2014

Mediterranean Oil & Gas Plc

(the "Company" or "MOG")

Q4 2013 Operational Update

The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce the following operational update for the 3 month period ended 31 December 2013.

Production:

MOG's total net production for Q4 2013 was 4.24 MMscm (equivalent to 0.15 Bcf, or 26,980 boe). This represents average net production of 46,133 scm per day or 293 boe per day during Q4 2013 (Q3 2013 399 boe per day).

Production levels were down quarter-on-quarter as a result of Guendalina Field wells GUE 3ss and GUE 2ss remaining offline for the full quarter. The Guendalina Field achieved net gas production (MOG 20% W.I.) of 3.06 MMscm (equivalent to 0.11 Bcf or 19,463 boe). This represents average net production of 33,281 scm per day or 212 boe per day in Q4 2013.

Investigative work, undertaken by the operator, ENI, demonstrated that the reservoir remains in good condition in terms of pressure and absence of formation water, and issues with the production performance were likely due to the plugging of the well completion. On 24 December 2013, the operator initiated remedial operations to restore the production at GUE 3ss. These operations were hampered by difficult weather conditions in the Adriatic. The intervention was completed successfully on 11 January 2014 and the well returned to low-rate production. The operating condition of the well continues to improve as the well cleans up. A further update will be provided once production from GUE 3ss has stabilized. The Guendalina Field is currently producing approximately 36,000 scm (229 boe) per day net to MOG.

In Q4 2013, the Company's onshore Italy gas fields achieved net production of 1.18 MMscm (equivalent to 41.8 MMscf or 7,516 boe). This represents average net production to the Company of 12,852 scm per day or 82 boe per day in Q4 2013.

Revenues:

MOG's total net revenue for Q4 2013 was EUR1.1 million (Q3 2013 EUR1.8 million), representing an average realised price of EUR0.253 per scm (Q3 2013 EUR0.295 per scm). The average realised price was lower in Q4 than Q3 due to the dual effects of entering the new thermal year contract with Repower Italia S.p.A. and changes to the Euro versus US Dollar exchange rate.

Total net revenue for 2013 was EUR8.2 million (2012 EUR16.3 million). Net revenue from the offshore Guendalina Field was EUR6.7 million and EUR1.5 million for the onshore Italy gas fields.

Offshore Malta - Area 3 Blocks 1, 2 and 3:

As part of the work programme aimed at exploring this frontier exploration area, where MOG's subsidiary Melita Exploration Company Ltd has a 40% W.I. in partnership with Capricorn Malta Ltd (a subsidiary of Cairn Energy PLC) (60% WI, Operator), the joint venture has approved the acquisition of approximately 1,500km broadband 2D seismic in H1 2014 and the operator is finalising the preparation of the seismic campaign.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:

"The fourth quarter of the year was a difficult period for the Company with the continued production challenges at Guendalina. We are pleased early indications suggest that sustained production can be resumed at GUE 3ss.

"We look forward to a very active first half of 2014 as we move ahead with our drilling campaigns offshore Malta and onshore Italy, as well as the acquisition of new seismic data offshore Malta Area 3."

QUALIFIED PERSON

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Bill Higgs, Chief Executive Officer of Mediterranean Oil & Gas Plc, a geologist, explorationist and reservoir manager with over 24 years oil & gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who has reviewed and approved the technical information contained in this announcement.

ENQUIRIES:

[xtc23] 11/1/2014 13:25

Recent Broker comment: As long as the roots are not severed, all is well. And all will be well in the garden.

[glyn10] 09/1/2014 08:56

TIDMMOG

RNS Number : 2247X

Mediterranean Oil & Gas Plc

09 January 2014

9 January 2014

Mediterranean Oil & Gas Plc

(the "Company" or "MOG")

Malta Area 4 Drilling Update

The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that agreement has been reached with the Government of Malta for a six month extension to the Production Sharing Contract ("PSC") covering Area 4 Blocks 4, 5, 6 & 7 ("Area 4"). This extension will enable the Contractors to the PSC to have sufficient time to complete the exploration drilling activities that are forecast to start in Q1 2014. With this extension, the expiry of the first exploration period to the PSC is now 17 July 2014.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:

"We appreciate the continued support of the Maltese Government as we prepare to drill the Hagar Qim 1 exploration well with our partner Genel Energy."

"The first half of 2014 will be an important time for the Company with the drilling of two exploration wells; one offshore Malta Area 4 and one onshore Italy. This increased activity is an important step forward for the Company."

Ends

Notes to the Editors:

In parallel with the extension, the Maltese Government also gave its consent for Phoenicia Energy Company Ltd ("PECL"), who wholly owned the rights to the PSC, to assign 25% of its interest in the PSC to Melita Exploration Company Ltd ("MECL"), a wholly owned subsidiary of MOG. Concurrently with this assignment, MOG transferred its remaining 25% interest in PECL to Genel Energy Holdings Ltd. Consequently, PECL is now a wholly owned subsidiary of Genel Energy Holdings Ltd. MECL and PECL have entered into a Joint Operating Agreement, in which PECL has been appointed Operator on behalf of the joint venture parties. Following these transfers PECL will hold 75% working interest in Area 4 and MECL 25% working interest in Area 4 and are jointly the Contractors to the PSC.

[mug3] 09/1/2014 06:16

Obviously 2 of their senior non-executive directors dont like the company that much. They resigned without reason. Please explain.

[flyingbull] 31/12/2013 15:14

Someone likes MOG for 2014....

The challenge is on! The proof is in the pudding!! ;-)
Please enter before the oil competition deadline of midnight on Wed, 1 January, 2014.

Wish you All the Best for 2014!!!

fb

[glyn10] 06/12/2013 16:09

bobobob5,

I did not state or imply that the litigation should be ignored.

Shareholders do not decide the legal outcome of the case or pass legal ruling.

Shareholders can buy or sell as they please this has no effect on the ruling of the Judge/court.

Absolutely shareholders or prospective shareholders of LGO and MOG should take a view on the case.

To generalise, most MOG shareholders believe MOG has no case to answer and most LGO shareholders think LGO will win the case. I have an open mind on the outcome.

[12bn] 06/12/2013 11:52

I am surprised MOG don't settle now while LGO still needs cash for new wells,they will probably get a better deal than waiting until LGOs income is massively increased from new wells coming on-line probably in January.

[bobobob5] 06/12/2013 11:45

Glyn: the thinking behind your 'let the courts decide' comment is flawed.

This is because the *shareholders also decide*. They decide whether or not to buy or sell shares in a listed company which is engaged in litigation.

Therefore, the notion that e.g. this litigation should somehow be ignored until a Judge gives a verdict (which can of course be overturned on appeal) is incorrect. The more significant the litigation, the more important it is to take a view on it.

[1waving] 05/12/2013 17:34

Sorted Glyn10.
Initially thought it was fairly recent, couldn't see to start with as access to link is for paying/blue subscribers.

[glyn10] 05/12/2013 17:27

Something you kindly pointed out on the LGO thread but not on this thread !


1waving
5 Dec'13 - 17:01 - 11244 of 11244 0 0


Should point out, the article above is from May 21st 2013.
That only points out a limited amount -- there is much more to LGO's case than that. Several shareholders pointed out certain info to LGO at the start of the case. Some of that material was very pertinent to this case.

Edit: well if certain information has been pointed out by LGO shareholders then it must be correct !!

Let the courts decide

[1waving] 05/12/2013 16:44

From 21st May

The legal battle between Aim listed Mediterranean Oil & Gas (MOG) and AIM listed Leni Gas & Oil (LGO) is shaping up to be a barrel of laughs for neutral observers but, not – I suspect – for Mediterranean and its CEO Dr Bill Higgs. Sources close to Leni Gas have steered us towards what appears to be a bit of a smoking gun.

By way of background: Leni sold its 10% stake in a Maltese exploration block to Mediterranean for $1 on August 1st. 23 days later Mediterranean announced a farm in deal with mighty Genel which analysts reckon valued the Leni stake at $9 million. Leni is suing claiming that Dr Higgs misrepresented the position on August 1st. This is not a case about contract law – the claim made by Leni is of misrepresentation.

Firstly it is pointed out that Leni Gas never offered to sell its shares for $1. That was the offer made by Dr Higgs in an email dated 11th July which we understand has been filed with the courts. And that can thus be verified. We understand that that email came on the back of an unprompted phone call made by Dr Higgs to Leni director Neil Ritson on 10th July. We understand that only one party kept full contemporaneous notes of that conversation and that party is Mr. Ritson.

Our sources also tell us that there are various emails relating to that conversation which Leni Gas is ready to use and that these all tally with its version of the story.

Leni Gas declined to offer comment on these suggestions but we understand that it has demanded access to all Mediterranean emails both internal and to its broker and advisers relating to the call of 10th July and to its negotiations with Genel as part of the disclosure process. That documentation should be delivered during the next couple of months.

On the basis of what our sources tell us it does seem more than possible that Leni Gas will win this case. If it loses it can fund its costs. If it wins then $9 million is base case damages as if Genel finds oil with a well later this year Leni would clearly increase its claim. If Mediterranean loses then clearly it has a financial headache but to lose such a case would surely call into question the ability of Bill Higgs to retain his position.

This is a high stakes game for Mediterranean. For neutral observers on the sidelines it is entertaining but I fail to see how this dispute would make me want to hold Mediterranean stock.

[bobobob5] 21/11/2013 16:34

Half a sixpence
Is better than half a penny
Is better than half a farthing
Is better than none

[bondholder] 19/11/2013 14:44

Nah- still worth at least 0.5p !!