The fraud case drawn up against Mediterranean Oil and Gas (MOG) has now come to a close as rival Leni Gas & Oil paid up all the remaining legal costs of the trial.
The Trinidad-focused company claimed it had been misled when selling off its 10% stake in a production contract on Malta to MOG two years ago – after Mediterranean farmed out a 75% stake in the same field to Genel Energy for £6million just weeks later.
But a court ruling in March this year dismissed Leni’s case as ‘weak and thin’ and ordered the company to pay MOG’s legal costs as way of compensation.
The companies agreed the total legal costs at £1.2million.
Following the initial payment of £600,000, Leni yesterday transferred the remaining £616,437.50, which included an annual interest rate of 8%, to MOG’s account.
“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,” MOG said in a statement.