Mediterranean Oil & Gas has won a legal battle with Leni Gas & Oil over the sale of its 10 per cent interest in a Maltese oil field. It is considering an appeal.
Leni had instituted the proceedings against its former partner claiming it was misled into selling its interest in Malta’s Area 4 PSC to MOG for $1.
Soon after, MOG reached a $10 million farm-out agreement with Genel Energy.
Leni said in a statement today that today’s London’s High Court decision had potential long term and broad reaching implications for all minority joint venture partners in the oil industry that needed and deserved robust legal protection to ensure that their majority partners provided them will full information regarding the true value of the minority stake.