Client NewsUnited Oil and Gas Plc: SPA Signed – Sale of UK Central North Sea Licences
United Oil & Gas Plc (AIM: “UOG”), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, is pleased to announce that, further to the signing of non-binding Heads of Terms as previously announced on the 28 July 2021, it has now entered into a binding sale and purchase agreement (“SPA”) with Quattro Energy Limited (“Quattro”) to sell UK Central North Sea Licences P2480 and P2519 (“the Licences”) for a headline consideration of up to £3.2 million (c. US $4.4 million) (the “Transaction”).
The Transaction will result in an initial payment of £2 million to United (c. US $2.8 million) in cash at completion. Subject to a Field Development Plan being approved for block 15/18e, an additional uplift amount of £1.2 million will be paid to United.
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