Mediterranean Oil & Gas Plc Litigation Update: MOG Recovers Legal Costs (4741O)
August 07 2014 - 2:01AM
UK Regulatory
TIDMMOG
RNS Number : 4741O
Mediterranean Oil & Gas Plc
07 August 2014
7 August 2014
Mediterranean Oil & Gas Plc
(the "Company" or "MOG")
Litigation Update: MOG recovers legal costs from LGO
The Board reports further on the unsuccessful legal claim
brought by Leni Gas & Oil Plc ("LGO") against MOG's subsidiary
Malta Oil Pty Limited.
On 27 March 2014 the Commercial Court handed down judgment
dismissing LGO's case. On 3 April 2014 the Commercial Court ordered
LGO to pay MOG's legal costs on an indemnity basis, with the sum to
be assessed by the court if not agreed. On 10 April 2014 LGO paid
GBP600,000 on account of costs by an order of the court.
MOG and LGO have reached an agreement as to the total legal cost
(the "Legal Cost") for which LGO is liable. The agreed Legal Cost
is GBP1.2 million.
The Board is pleased to report that LGO yesterday paid
GBP616,437.50, which is the Legal Cost less the amount paid on
account, plus interest of GBP16,437.50 (at an interest rate of 8%
per annum). This means that the issue of legal costs is now finally
resolved and there remain no further issues or steps to be taken in
the legal proceedings.
ENQUIRIES:
Mediterranean Oil & Gas Plc
www.medoilgas.com
Bill Higgs/Chris Kelsall Tel: +44 (0)207 959 2322
Liberum Capital Limited (Nominated Adviser and Joint Broker)
Clayton Bush/Tim Graham Tel: +44 (0)203 100 2222
RBC Capital Markets (Joint Broker)
Matthew Coakes/Jeremy Low /Jonny Hardy Tel: +44 (0)207 653 4000
FTI Consulting (Public Relations)
Ben Brewerton/Alex Beagley Tel: +44 (0)203 727 1065
This information is provided by RNS
The company news service from the London Stock Exchange
END
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