MEDITERRANEAN OIL & GAS PLC
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 £600,000 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 £1.2 million.
The Board is pleased to report that LGO yesterday paid £616,437.50, which is the Legal Cost less the amount paid on account, plus interest of £16,437.50 (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
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