Malta Area 4 drilling set for Q1 2014
The offshore Malta Area 4 work programme is unaffected by the dispute with Leni Gas and Oil plc, the Board of Mediterranean Oil & Gas Plc said. The company is working closely with partner Genel Energy plc and with the Malta authorities to prepare for the drilling operations that are forecast to commence in the first quarter of 2014.
The Board of Mediterranean Oil & Gas Plc restated its position both as regards progress on Malta Area 4 and on certain matters in relation to the legal claim made by Leni Gas and Oil plc against two subsidiaries of the company following announcements by Leni Gas and Oil plc on September 23 and 24, 2013.
With respect to the dispute with Leni Gas and Oil plc including their mention of being open to settlement discussions, give Mediterranean Oil & Gas Plc further reassurance in the defence by the company's two subsidiaries against the legal claim made by Leni Gas and Oil plc.
Mediterranean Oil & Gas Plc continues to refute the various claims that have been made by Leni Gas and Oil plc and remains confident that the company will face no liability. The allegations in the proceedings Leni Gas and Oil plc has brought are unfounded and the company will defend itself and the interests of its shareholders rigorously against such allegations at the trial of the action, scheduled for March 2014.