Mediterranean Oil & Gas judgment: some key points for commercial parties
Memery Crystal acted for longstanding AIM-listed client Mediterranean Oil & Gas (MOG) in its successful defence of a fraud claim brought by Leni Gas & Oil (LGO) against two of MOG’s subsidiaries. Following an eight-day trial in the Commercial Court, judgment was handed down on 27 March, dismissing LGO’s case, which was found by Mr Justice Males to have ‘failed at every stage’.
The dispute dates to July 2012 when MOG acquired LGO’s 10 per cent interest in a Malta offshore exploration licence. LGO claimed it had been induced to sell ‘quickly’ and ‘cheaply’ by a comment made by MOG during a telephone conversation and without knowing that MOG was in confidential talks with Genel Energy, which was interested in buying part of MOG’s interest in the licence.
Mr Justice Males found that there had been no misrepresentation, no dishonest intention to mislead, no inducement and that MOG had no duty to disclose the Genel negotiations to LGO…
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