United Oil & Gas plc is in advanced discussions for a further extension of the conditional sale of the UK North Sea licence P2519 containing the Maria discovery to Quattro Energy Ltd.
DEADLINES
Quattro, founded in early 2021, plans to sell its assets to Canadian company Jesmond Capital Ltd, which needs to raise funds for the acquisition.
In May 2023, Jesmond said that Quattro continued “significant” field development planning and had submitted applications as 100% operator for certain blocks in the UK 33rd Licence Round.
After twice extending deadlines, United today said that all conditions under the deal had not been met by the expiry of the long stop date on the 31 July.
The company added it expected to be in a position bring news to the market shortly.
Talks to sell licence P2519 initially began in 2022 when United signed a binding agreement for £3.2 million sale to Quattro, which was followed by an increase in value of the asset to £5.7m.