News Oil & Gas

United exits Italy with sale of Selva to Prospex

Posted on Author editorial Comments Off on United exits Italy with sale of Selva to Prospex

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.

Management: proceeds from the transaction strengthen United’s balance sheet (CGG GeoConsulting)

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.”

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