MOG, Leni Still at Loggerheads over Malta Area 4 Deal

Mediterranean Oil and Gas (MOG) reiterated Friday that its Malta Area 4 work program remains unaffected by the company's legal dispute with Leni Gas and Oil.

Responding to recent announcements from Leni, MOG also stated that it continues to refute the various claims that have been made by Leni and remains confident that it will face no liability.

In August last year, Leni called in lawyers after MOG struck a deal with independent oil and gas firm Genel Energy that saw Genel pay $10 million to take a 75-percent interest in its Area 4 offshore production sharing contract.

At the time, a source close to Leni commented to Rigzone that, had the company known about the Genel transaction, it may have taken a different view as to the value of its own deal with MOG weeks earlier. In that deal, Leni sold its 10-percent in the Area 4 PSC to MOG for just one dollar.

Leni stated earlier this week that it is still vigorously pursuing its action against MOG in the High Court of England and Wales, with Leni Chairman David Lenigas saying in a statement: "Leni Gas and Oil has steadfastly maintained that it was misled by MOG in July 2012. While we remain open to settlement discussions, we are resolved to vigorously pursue our multi-million pound claim to trial if necessary."

MOG said Friday that Leni's mention of being open to settlement discussions gave it further reassurance in its defense of Leni's legal claim.

 

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