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 […]
Tag: United Oil & Gas plc
United to exit Italy with €2m gas assets sale
United Oil & Gas plc has signed a €2.165 million conditional sale of its Selva gas interests in Italy assets to Prospex Energy plc. RESERVES United’s subsidiary holds a 20% non-operated interest in the Podere Gallina licence, containing the gas development project, in the Po Valley region. Prospex will acquire 100% of the subsidiary, effective […]
Al Jahraa-8 well test results exceed United’s expectations
United Oil & Gas plc said that test results have exceeded the company’s internal pre-drill expectations at the Al Jahraa-8 development well in the Abu Sennan concession, onshore Egypt. The company holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt. PRODUCTION The AJ-8 well began drilling on 2 May, targeting […]
United to exit North Sea with £3.2m Maria sale
United Oil & Gas plc has signed a non-binding heads of terms agreement to sell its UK Central North Sea licences P2480 and P2519 to newly formed Quattro Energy Ltd for up to £3.2 million. REVIEW United holds a 100% equity interest in each, with licence P2519 including the Maria discovery in block 15/18. The company […]
United marks ‘exceptional success’ from Egypt assets
United Oil & Gas said its Egyptian assets had performed beyond expectations during the first half of 2021. ABU SENNAN Revenues for H1 2021 are expected to be $10.3 to $10.5 million. Group cash balance was $2m, total cash collections of $8.2m and cash capital expenditure of $3m. United invested $2.2m in the Abu Sennan […]
United plans further well as AJ-8 exceeds expectations at Abu Sennan
United Oil & Gas plc plans an additional exploration well this year at Abu Sennan, onshore Egypt as drilling at the Al Jahraa-8 (AJ-8) development well exceeded pre-drill expectations. AJ-8 Drilling the AJ-8 well began in May and targeted the Abu Roash and Bahariya reservoirs in an undrained portion of the Al Jahraa field. United […]