Business
Proposed Sale of UK Central North Sea Licences
Proposed Sale of UK Central North Sea Licences.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6757G\n United Oil & Gas PLC\n 28 July 2021\n \n \n \n \n \n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n 28 July 2021\n \n \n United Oil & Gas PLC \n \n \n (\"United\" or the \"Company\") \n \n \n \n \n \n Proposed Sale of UK Central North Sea Licences\n \n \n \n \n \n · \n \n 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)\n \n \n \n o \n \n Initial payment of £2 million at completion of the transaction\n \n \n \n o \n \n On Field Development Plan approval, a further consideration of £1.2 million\n \n \n \n \n \n \n United Oil & Gas Plc (AIM: \"UOG\"), \n the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets,\n 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).\n \n \n United was awarded Licence P2480, in the UK Oil and Gas Authority (\"OGA\") 31\n \n st\n \n Licencing Round in August 2019 and Licence P2519 in the 32\n \n nd\n \n 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. \n \n \n Quattro Energy is a new UK company incorporated in April 2021 by an experienced North Sea focused management team. The acquisition of United's CNS interests is a first step towards Quattro's objective to build a portfolio of oil & gas appraisal, development, and producing assets. \n \n \n The transaction will result in an initial payment of £2 million (c. US $2.8 million) at completion. Subject to a Field Development Plan being approved for block 15/18, an additional uplift amount of £1.2 million (c. $1.7 million) will be paid to United. \n \n \n This deal, which is subject to completion of satisfactory due diligence, definitive documentation and OGA approval, is expected to complete by 30 September 2021.\n \n...