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27 Mar 2014 10:52
For Immediate Release
27 March 2014
Leni Gas & Oil PLC
("LGO" or the "Company")
Judgment in Proceedings against Mediterranean Oil and Gas
The Company advises that the fraudulent misrepresentation action against Mediterranean Oil and Gas Plc in the High Court of England and Wales, in regard to the Company's 31 July 2012 sale of its 10% interest in Malta Area 4 PSC, has not been upheld. An application for appeal is being considered in conjunction with the Company's legal team.
Today's decision in the High Court has potential long-term and broad-reaching implications for all minority joint venture partners in the oil industry who need and deserve robust legal protection to ensure that their majority partners provide them will full information regarding the true value of the minority stake.
The Board is proud of the stand it has taken in seeking to protect the interests of its shareholders and the Company is naturally disappointed with today's decision.
The judgment will have no impact on the Company's operations, as it moves into an exciting growth phase of significantly increasing oil production at the Goudron Field in Trinidad.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes | +44(0) 20 7493 8188 |
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
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