Mediterranean Oil & Gas Share Discussion Threads

[12bn] 06/3/2014 07:36

I think that it is a couple of weeks after the case finishes.

[altom] 06/3/2014 07:23

When is the result of trial expected ? Is it today ?

[12bn] 06/3/2014 06:42

mdchand,MOG have lost one set of lawyers and 2 directors,could it be that the chairman has been told that MOG are likely to lose but he has decided to fight, as it is his head on the block if he settles early.I am only speculating but maybe a probable loss is better than a dead cert loss if case is settled early,from his point of view.

[hamlette] 06/3/2014 00:28

This is what NR said back in Sept 2012, which clearly indicates an expectation of disclosure.

" Leni Gas & Oil made it expressly clear to Mediterranean Oil & Gas, before entering into sale negotiations, that it would not sell its interest in Malta Area 4 if the 3D seismic analysis indicated Cretaceous prospects. Leni Gas & Oil 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 Gas & Oil considers that Mediterranean Oil & Gas subsidiary PECL, as operator, was at all times under a duty to provide such information to Leni. Leni Gas & Oil is concerned that representations other than the factual position may have been made to it prior to agreeing to sell and before signing the sale of its 10 per cent working interest in Malta Area 4," said Leni Gas & Oil chief executive, Neil Ritson.

[mdchand] 05/3/2014 23:00

bob - I understand the duty of disclosure pre-trail only too well and so would have MOG and its lawyers. I've seen your report on the LGO BB and while the information looks damning, MOG's lawyers would have reviewed the evidence/emails and known that this would come out in court and how it would play out. Therefore, one can only conclude that their defence is based on this fact. I suspect there will be some obscure clause in whatever contract they signed with LGO that MOG are relying on that they believe didn't require them to fully disclose any / all information to LGO. Was the onus on LGO to ask for specific information rather than on MOG to provide it? Could MOG rely on the fact that had LGO asked for specific information it would have freely disclosed it? I guess we'll find out tomorrow.

[kaos3] 05/3/2014 16:02

hxxp://www.zvijezda.com/mediteran-oil

[oregano] 05/3/2014 09:21

Bob, thanks for the feedback. sounds an interesting insight into the way these companies work.

[bobobob5] 05/3/2014 00:51

Maybe about fifteen or so, but most of them were not PIs. Some legal types and at least one taking shorthand.

[haroldthegreat] 04/3/2014 19:34

bob were there a lot of people in the public area

[jamesiebabie] 04/3/2014 14:36

bobobob5 4 Mar'14 - 13:30 - 11477 of 11494 3 0Moderate | Ban

The case is underway, break for lunch. Most of the morning was LGO setting out their Claim, and the Judge asking for details of how much money was being claimed from MOG. The last 15 minutes or so was the MOG response.

Here are some good quotes from the LGO barrister: "There was a limited window for this fraud to be perpetrated"..."Higgs revels in what he has done"..."We say he revels in having swindled LGO"..."Higgs said in email to Mr Ulrich on 31 July 'Life is good...FYI RNS coming out. Good news, especially when the Market sees we have converted one dollar into ten million dollars'"..."23 August email from ex-NED to Higgs 'Outstanding. Well done, onwards and upwards'"..."Higgs proactively put us off the scent"..."Higgs tells something, but not everything".

Neil Ritson will be giving evidence this afternoon.

In my purely personal opinion, it looks from these openings as if MOG already had two indicative offers from Genel when Higgs spoke to Ritson, but failed to mention them. Other information about deeper prospectively, the improved Chance of Success in the Eocene, and the improved NPV10 value of the Eocene, were apparently withheld from Ritson. So when LGO did the deal, they had incomplete information.

I think MOG are trying to argue that this was OK and that they did not need to reveal such things. That is something that the Judge will need to decide.

this is not legal advice I am not qualified to give it

[edgar222] 04/3/2014 12:30

Bob

These days you don't even have to ask the Judge for permission, you can go straight to the Court of Appeal for that.

[onceabroker] 04/3/2014 09:48

bobobob5

I read your last reports from the case management last year - excellent work.

Will you be posting on the LGO thread or here?

Best regards

John

[12bn] 04/3/2014 09:22

Great,bobobob5,I hope that you can keep us updated.

[thehairydagger] 04/3/2014 09:22

bobo, were you sending reports from the court on your laptop during the GKP case ?

[bobobob5] 04/3/2014 09:13

I'm going along to the Court in a minute. Provided that the thing doesn't ring, you can take a mobile into court. Indeed, you can even take a laptop in, and plug it into their electricity supply lol. Reception is very poor unless you subscribe to their paid service. There's no public gallery, you just sit behind the lawyers. The larger courts will take maybe 50 members of the public, they will bring extra chairs in etc.

[haroldthegreat] 04/3/2014 07:14

bob are you going to court? do they allow you to take a switched off mobile into court? they do not in a criminal court. how many people can sit in the public galley?

[bobobob5] 03/3/2014 14:11

A Judge can refuse permission to appeal. However, it is possible to appeal against such a refusal.

[edgar222] 03/3/2014 08:07

Why ?

Have they changed the law for the purposes of this one case then ?

[mug3] 03/3/2014 07:53

Appache. MOG can not appeal if they lise to DL.

[ohisay] 25/2/2014 13:00

Mediterranean Oil & Gas (MOG.L): FY13 Results and Reserve Report
The company ended the year with cash of €12.4m, ahead of our €8.7m forecast due to a lower than anticipated capex spend during H2/13. We view this positively given the company's relatively tight financial position.
2P reserves of 5.3Bcf plus 0.002mmbbbls is broadly as expected following October's announcement that the Ombrina Mare discovery was to be reclassified as a contingent resource. A downward revision to reserves onshore Italy has a negligible impact on our valuation as the portfolio accounts for under 1p/share of our NAV. 2C contingent resources stand at 32.4Bcf plus 26mmbbls, predominantly within the Ombrina Mare discovery, offshore Italy.
The high impact Hagar Qim-1 exploration well, offshore Malta, is scheduled to start in March and should conclude in May. The company has a 25% stake in the licence and is fully carried through the initial well by partner Genel Energy. We calculate the upside/downside of the prospect at +27p/-3p per share.

[currypasty] 25/2/2014 09:51

10 Contingent liability

LGOI

On 3 January 2013, Leni Gas & Oil Investments Limited ('LGOI') and Leni Gas & Oil plc (collectively, the 'Claimants') commenced legal proceedings in the Queen's Bench Division of the Commercial Court of the High Court of Justice in England and Wales (the 'High Court'), against Malta Oil Pty Limited ('MOL') and Phoenicia Energy Company Limited ('PECL') (together, the 'Defendants'). MOL is a subsidiary of the Company. The Company held a 25% interest in PECL, as at period end.

The proceedings relate to the purchase by PECL of LGOI's 10% interest previously held in the Malta Offshore Area 4 PSC (the 'PSC'). The Claimants seek: rescission of the sale agreement dated 31 July 2012 under which LGOI sold its 10% interest in the PSC to PECL, further or alternatively, damages for fraudulent misrepresentation, and interest on any sums which are found to be due.

On 25 February 2013, the Defendants filed a Defence with the High Court. The Defendants and the Company's Board of Directors continue to refute the various claims which have been made by the Claimants. The Group will defend itself and the interests of its shareholders rigorously. The outcome of this claim and the potential financial impact cannot be determined at this stage and therefore no provision has been made in the financial statements. The High Court hearing is scheduled to commence on 3 March 2014.

[billy_buffin] 21/2/2014 16:49

"Say no to oil is suicide"
Chicco Testa welcomes the proposal to Renzi (scroll down)



Board member medoil

For 'croaker' read 'Ombrina Mare' (lost in translation!)

[r4282] 17/2/2014 19:05

MOG and Leni Go to Court over Malta Deals

www.rigzone.com/news/article.asp?hpf=1&a_id=131658

[bobobob5] 17/2/2014 14:18

md: MOG could have settled this at the start, for a relatively small sum. The cost of settlement, as I understand the situation, has since risen considerably. MOG might be silly enough to think that they can persuade the Judge that they haven't done anything wrong. I plan to attend court for part of the case.

IMHO DYOR etc