Client NewsUnited Oil & Gas PLC – Maria Discovery, North Sea Licence Update
United Oil & Gas PLC (AIM: “UOG”), the full cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, provides an update on the conditional sale of the UK Central North Sea Licence P2519 containing the Maria discovery in Block 15/18 to Quattro Energy Limited (“Quattro”).
On 18 January 2023 United announced that it had entered into a binding asset purchase agreement (APA) with Quattro for the conditional sale of its UK Central North Sea Licence P2519. Further to the announcement of 18 May 2023 United confirms that all conditions under the APA have not been met by the expiry of the long stop date on the 31 July. The Company are in advanced discussions with Quattro regarding a possible further extension and expects to be in a position to update the market shortly.
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