United Oil & Gas plc today announced it was continuing talks over the sale of its interest in the licence containing the Crown oil discovery.
CROWN OIL DISCOVERY
In August 2018, United was awarded Blocks 15/18d and 15/19b, containing the Crown discovery, as part of the UK 30th offshore licencing round.
MILESTONE PAYMENTS
The sale to Anasuria Hibiscus UK Ltd completed in December 2019 and United received $0.95m.
“A further $2.85m was payable to United on completion of certain milestone events, or the licence could have been returned to United,” said the company in a statement.
“In October 2021, Hibiscus informed United that the licence terminated on 30 September 2021.
“United sought legal advice.
“Based on that advice the company remains confident of its legal position and is continuing constructive discussions with Hibiscus.”