The long-stop date has again been extended for the conditional sale of the Maria discovery in the central North Sea.
APPROVALS
United Oil & Gas plc is selling licence P2519 to Quattro Energy Ltd which needs funds and is under acquisition by Jesmond Capital Ltd to form an enlarged company.
The most recent long stop date of 30 September 2023 is now extended to 27 October to allow conditions to be met including regulatory approvals, transfer of funds to United and the licence to Quattro.
“We remain confident that our licence is highly prospective, particularly following the recent support given to drilling in the North Sea by the UK Government and regulators,” said United chief executive officer Brian Larkin.
“It is clear that the North Sea remains a strategic asset for both the UK and Europe to bolster energy security, and that investment into the area continues to be strong.”