Client NewsUnited Oil and Gas plc: Corporate Update
United Oil & Gas PLC (AIM: “UOG”), the growing oil and gas company, issues the following corporate update.
On 7 September 2021 United announced that it had entered into a binding sale and purchase agreement (SPA) with Quattro Energy Limited (Quattro) to sell its UK Central North Sea Licences; P2480 and P2519 for a consideration of up to £3.2m (c $4.4m). Completion of the sale was conditional on receipt of approval from the Oil and Gas Authority (OGA) and Quattro completing a fundraising process. In December 2021 United announced that the long stop date for satisfaction of the SPA conditions was extended to 28 February 2022. Although OGA approval was received, Quattro did not complete a fundraising process by this date. United has decided to terminate the SPA with Quattro.
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