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United Oil & Gas PLC announced on 1 August 2023 that all conditions for the conditional sale of its UK Central North Sea Licence P2519 to Quattro Energy Limited were not met by the long stop date of 31 July. This sale was under a binding asset purchase agreement originally announced on 18 January 2023. United is now in advanced discussions with Quattro regarding a possible further extension.
| Date | 1 Aug 2023 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 8154H |
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
1 August 2023
United Oil & Gas plc
("United" or "the Company")
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.
END
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
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Enquiries |
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United Oil & Gas Plc (Company) |
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Brian Larkin, CEO |
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Peter Dunne, CFO |
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Beaumont Cornish Limited (Nominated Adviser) |
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Roland Cornish | Felicity Geidt | Asia Szusciak |
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+44 (0) 20 7628 3396 |
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Tennyson Securities (Joint Broker) |
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Peter Krens |
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+44 (0) 20 7186 9030 |
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Optiva Securities Limited (Joint Broker) |
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Christian Dennis |
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+44 (0) 20 3137 1902 |
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Camarco (Financial PR) |
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Georgia Edmonds | Emily Hall | Sam Morris |
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+44 (0) 20 3757 4983 |
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK and a high impact exploration licence in Jamaica.
The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.
United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com