The legal battle between Aim listed Mediterranean Oil & Gas (MOG) and AIM listed Leni Gas & Oil (LGO) is shaping up to be a barrel of laughs for neutral observers but, not – I suspect - for Mediterranean and its CEO Dr Bill Higgs.
Aim listed Mediterranean Oil & Gas (MOG) has hit back hard at Leni Gas & Oil (LGO) following Friday’s preliminary court hearing in which Leni appeared to triumph.
A shock High Court Ruling made on Friday (but not announced) paves the way for a windfall gain of $9 million (or more) for AIM listed Leni Gas & Oil (LGO) at the expense of Cesspit listed Mediterranean Oil & Gas (MOG).
Although of course to say so can risk cursing a very promising set up, at least based on the recent past it can be said that Leni Gas & Oil is sporting one of the most promising of charting constructions among the minnows. While not in quite the same league, it can also be said that Mediterranean Oil & Gas is also in play as a bear trap recovery situation.
Leni Gas & Oil (LGO) has today announced a deal with Meridian SEZC through which Meridian will provide Leni with a debt facility of up to US$50m.
Trinidad & Tobago has been producing crude oil for over 100 years, but for one Leni Oil & Gas (LGO), the island nation’s historic onshore fields still offer excellent growth potential.
What I like to do with charting, and perhaps most importantly what works best, is to stack up as many plus points as possible backing an “objective” trading call. In the case of Leni Oil & Gas (LGO) it is difficult not to be swept away by bullishness anyway, given the aftermath of a surge that the shares displayed in October, an event that was identified around the 0.6p level as a bull flag opportunity that could lead to at least 1p resistance from July.
