United Oil & Gas plc has extended the long stop date over the conditional sale of its licence P2519 containing the Maria oil discovery in the Central North Sea.
SALES AGREEMENTS
In January 2023, the company signed the £5.7 million asset purchase agreement (ASA), dependent on financing, with Quattro Energy Ltd for conditions to be satisfied by 16 April.
Following the ASA, Quattro began its own sale by signing an agreement to sell its cash assets in a 22 million shares transaction with Canadian “capital pool company” Jesmond Capital Ltd.
On 13 February, Jesmond proposed private placements to raise between C$6m and C$8.5m to acquire Quattro.
United today said that it had agreed with Quattro an extension of the long stop date to the 17 May 2023 to allow extra time for the ASA conditions to be met.
The deal is United’s second attempt to sell the licence after cancelling the first for the lower sum of £3.2m in 2021 because Quattro failed to complete a fundraising process in time.
LICENCE P2519
The P2519 licence includes blocks 15/18e and 15/19c over 225 km2 in the Outer Moray Firth Basin.
In addition to the Maria discovery, the licence also contains two Jurassic oil discoveries, Brochel and Maol.
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