Client NewsUnited Oil & Gas Plc: Sale of UOG Italia Srl for Eur2.165 million
United Oil & Gas Plc (AIM: “UOG”), through its subsidiary, UOG Holdings plc, is pleased to announce that, as part of the Company’s ongoing optimisation of its portfolio and capital allocation strategy, it has signed a conditional sale and purchase agreement with PXOG Marshall Limited, a subsidiary of Prospex Energy PLC, for the sale of 100% of the share capital of UOG Italia Srl for a consideration of €2.165 million in cash. The effective date of the transaction is 1 January 2021.
· United agrees to conditionally sell Italian asset to Prospex Energy PLC for €2.165 million
· As per the terms of the deal, United will receive an immediate deposit payment of €108,235, with the remainder of the consideration payable on completion
· The sale consideration is at a modest premium to the total assets held by UOG Italia at 31 December 2020 and removes any further development expenditure associated with the Selva development
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