United Oil & Gas plc has received approval from authorities in Italy to transfer ownership of the company’s Italian assets to Prospex Energy plc.
SPA
UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence, which contains the Selva gas development project.
In August 2021, United signed a conditional sales and purchase with PXOG Marshall Ltd, a subsidiary of Prospex for the sale of 100% of the share capital of UOG Italia Srl for €2,164,701.
FUNDS
United today said that the Ministry of Ecological Transition’s consent to the change of control was the final condition in the sale and purchase agreement with Prospex.
The deed of transfer awaits legal execution and for Prospex to pay United for the remainder of the acquisition.