United Oil & Gas plc has entered into a binding sale and purchase agreement (SPA) with Quattro Energy Ltd to sell its UK Central North Sea Licences P2480 and P2519 for a headline consideration of up to £3.2 million.
TERMS
Quattro will pay an initial £2m to United in cash on completion.
A further £1.2m will be paid to United subject to approval of a field development plan for block 15/18e in licence P2519 containing the Maria Discovery.
The SPA is conditional on Oil and Gas Authority approval and is expected to be completed during Q4 2021.
The sale of the licences will result in United’s exit from the North Sea.
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