(Alliance News) - Anglo African Oil & Gas PLC on Wednesday said it has received notice of a potential claim relating to its abandoned attempt at acquiring MedCo's Tunisian assets.
Shares in Anglo African were down 9.6% at 0.42 pence in London in midday trading.
The claim has been made by energy advisory company Askell Ltd and relate to the proposed acquisition, which was announced in July 2019 before being subsequently abandoned due to a lack of shareholder support.
Anglo Tunisian Oil & Gas Ltd, in which Anglo African Chief Executive James Berwick is a director and significant shareholder, then bought the licences. Anglo African has sought to recover costs relating to the aborted deal from Anglo Tunisian Oil.
Republic of Congo-focused oil and gas firm Anglo African said it believes Askell's claim has no merit and it "intends to defend the claim vigorously".
By Anna Farley; annafarley@alliancenews.com
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