Mediterranean Oil & Gas announced Wednesday that the Commercial Court in London has confirmed that judgment will be handed down in the legal case brought against it by fellow junior explorer Leni Gas & Oil on Thursday, March 27.
The two companies went to trial this month over a deal arranged in the summer of 2012 that saw Leni sell its 10-percent stake in the Area 4 PSC to MOG for a dollar. Weeks later MOG struck another deal with independent oil and gas firm Genel Energy that saw Genel pay $10 million to take a 75-percent interest in the PSC.
Leni has argued that had it known that the Genel transaction was about to take place it might have taken a different view as the value of its 10-percent interest in the PSC before selling it to MOG. MOG has always stated that it is confident that it faces no liability regarding the transactions.
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