United Oil & Gas plc said it had completed the sale of its assets in the Podere Gallina licence containing the Selva gas development project in Italy.
APPROVAL
The company sold its 100% share capital of UOG Italia Srl to PXOG Marshall Ltd, a subsidiary of Prospex Energy plc for €2,164,701 following final approvals from the Italian authorities.
UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence.
The transaction means that United will no longer be liable for its share of the Selva gas development capital expenditure of approximately €800,000.
PORTFOLIO
The company said that proceeds from the transaction and the other portfolio management initiatives further strengthened the balance sheet.
“This combined with higher oil prices, means that United is well placed to capitalise on building scale through its current portfolio and new business opportunities.”