Client NewsUnited Oil & Gas PLC: Proposed Sale of UK Central North Sea Licences
United agrees to sell UK Central North Sea Licences P2480 and P2519 to Quattro Energy Limited for a Consideration of up to £3.2 million (c. US $4.4 million)
o Initial payment of £2 million at completion of the transaction
o On Field Development Plan approval, a further consideration of £1.2 million
United Oil & Gas Plc (AIM: “UOG”), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, announces the signing of non-binding Heads of Terms on an agreement to sell UK Central North Sea Licences P2480 and P2519 (“the Licences”) to Quattro Energy Limited (“Quattro”) for a headline consideration of up to £3.2 million (c. US $4.4 million).
United was awarded Licence P2480, in the UK Oil and Gas Authority (“OGA”) 31st Licencing Round in August 2019 and Licence P2519 in the 32nd Licencing Round, in December 2020. United holds a 100% equity interest in each. Licence P2519 includes the Maria Discovery in block 15/18. Low-cost but important data analysis, carried out by the United team, has added significant value to the Licences since award.
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